So, pretty much any business? There are so few companies out there, especially venture backed ones, that the employee headcount hasn't scaled with the growth. We just hear of the Instagram/WhatsApp acquisitions with low head count so often here in the echo chamber that we assume it's norm. To take that further, how many companies are at FB/SalesForce/WorkDay/Twitter-level that don't have over 500 employees (much less 1,000s)? I can only think of very few - 37signals, Valve, etc?
My larger point - VCs in SV want to fund billion dollar businesses and founders who can create billion dollar businesses. These billion dollar businesses need large amounts of headcount and a CEO who can take them there.