Venture investment worldwide rose 92% to $643 billion last year, a record, according to data provider Crunchbase, driven by more than $400 billion in mid to late-stage funding rounds. Early-stage startups’ funding doubled, to $200 billion. The flood of new capital gave a record number of startups valuations of more than $1 billion, minting 586 new unicorns—for a total of more than 1,100 such...