Many people date the start of the 1990s technology boom to August 9, 1995, the date Netscape had its initial public offering. Netscape’s stock surged, valuing the company at more than $2 billion at the end of the first day of trading.
The IPO became a rite of passage for technology startups during the 1990s. Some of today’s technology giants, including Amazon, Yahoo, and eBay, had their IPOs in the late 1990s. Lots of other companies held IPOs and then imploded when the market crashed.
Today, Silicon Valley is booming again, but there’s been a big change in the way technology companies are financed: Technology startups are increasingly turning to rich insiders, rather than the general public, to finance their growth. Here are four charts from Benedict Evans, of the venture capital firm Andreessen Horowitz, that show how the finances of Silicon Valley have changed.
This article originally appeared on Recode.net.