And the unicorns keep on coming: Jet.com, the e-commerce company going after Amazon, has pulled in $350M in new funding with another $150M on the way, according to reports from Re/code. Mutual fund giant Fidelity led the round, which values the two-year-old startup at $1.35B (and brings its venture funding total to $570M), and previous investors including Alibaba, Bain Capital Ventures and Google Ventures participated.

In China, today's new unicorn is Yixia Tech, the Beijing developer behind two-year-old Chinese video blogging app Miao Pai. The company announced $200M in Series D funding this morning from microblogging platform Sina Weibo, Sequoia Capital, YG Entertainment, and other investors at a $1B valuation. That makes a total of 28 current Chinese unicorns, for anyone who's counting.

These big raises will continue until the markets cool (or crash), but if you ask Bill Gurley of Benchmark, you don't have a sustainable business until you can prove that you can generate cash flow. With so much capital available, people who otherwise wouldn't be in business are able to raise a ton of money, Gurley warns in an interview with the MIT Technology Review.

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