This growth in the venture market has given rise to a new buyer profile: VC-backed unicorns with significant cash reserves and an appetite for expansion.

Amid the trend toward "profitability," it is important to remember that growth remains essential and serves as a key motivating factor for these buyers. Whether their ultimate aim is an IPO or staying private for now while raising liquidity for early investors, delivering growth for investors—both new and existing—remains crucial to achieving that goal.

It's possible that the recent scarcity of unicorn IPOs may have artificially inflated these figures. In more typical exit environments, we would have expected many of these buyers to list their shares.

Nonetheless, the era of VC-backed buyers is likely to continue. Significant amounts of capital are still being deployed in the market, even if that capital is more concentrated. The high number of VC-backed companies also creates numerous opportunities for consolidation.

While acquisitions by VC-backed companies may not often dominate the headlines, they are becoming an important aspect of the venture capital liquidity narrative.

For more analysis, read our new research: VC-Backed Companies Taking Advantage of Slow M&A Market