The tech landscape has shifted dramatically since the Covid-era boom of 2021, when over 1,000 startups achieved unicorn status. Rising interest rates and a declining IPO market have created a challenging environment for many, leading to a phenomenon termed “zombie unicorns,” with 1,200 startups struggling to raise funds or go public. A significant number of these companies are now resorting to down rounds, accepting unfavorable financing terms, or facing acquisitions at steep discounts. The once vibrant pursuit of growth has given way to a focus on profitability, leaving many startups in precarious positions as they navigate this harsh fundraising reality.