Hans Tung, managing partner of GGV Capital, has often said that when it comes to a potential investment, he cares more about the size of the opportunity, the strength of the team, and how much runway the company has than he does about its valuation.
But at his venture capital firm’s Monday morning meeting this week, Tung and his partners discussed a cybersecurity company that had raised a prelaunch round at a $1 billion valuation. “That, even for me, is too much to take,” Tung said Tuesday at Fortune’s Brainstorm Tech conference in Half Moon Bay, Calif.
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