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Hedge funds backing fewer tech startups

They are more circumspect because some of these companies have failed to live up to their billing

SHYING AWAY: Dragoneer Investment Group backed four US tech startups in 2014 (including Instacart and Airbnb) and just one last year (Dollar Shave Club); in 2014 Valiant backed two (Instacart and Uber) but invested in no US tech companies last year.

New York

IN recent months, venture capital firms (VCs) and mutual funds have become choosier about which technology startups they're prepared to back. Now hedge funds, after helping push valuations to dotcom-era heights, are getting more picky, too.

Last month, hedge funds

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