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The article says “hamster wheel”, not that they didn’t take it. The headline here adds ambiguity that wasnt written

OK, we've disambiguated that in the title above. (Submitted title was "Zapier reached a $5B valuation without VC funding".)

If there is a valuation, then there was funding or there will be funding.

Looks like funding came from YC, so yeah, they were funded.

Not necessarily! Shares trade all the time without funding the company. The valuation depends on what people pay for those shares.