Fundraising continues at breakneck speed. Unicorns are no longer rare, and the size of VC rounds keeps swelling. Deep-pocketed private equity players are also wading in. It seems to me that instead of spending millions, or billions, in the pursuit of unicorns that could emulate the "winner-takes-all" technology platform near-monopolies of Apple and Facebook and the massive capital gains that resulted, VC investors and their LP backers could instead be buying a bunch of empty matryoshka dolls. Bloated by overvaluation, and likely to disappear, leaving just a smile and big losses, since many software-focused tech startups have no tangible assets.