In a very narrow strict sense, yes. But I would argue it's not really venture-backed. For me, venture-backed means that over time, the founders collectively own a minority of the shares, and the board structure is such that venture capitalists collectively hold a majority of the board seats. This means that technically the investors could do anything they wanted to with the company.

This is qualitatively different from the founders collectively having a majority of the shares (even factoring in granting tons of equity to thousands of employees), or, if not, they at least control a majority of the board seats for a long time, if not forever.