Are you saying that raising $100M makes a company ipso facto no longer a startup, or that some transformation that makes it a startup has almost always happened

Are you saying that raising $100M makes a company ipso facto no longer a startup, or that some transformation that makes it a startup has almost always happened by then? I joined my last company about a year before they raised a Series C that brought total funding to $95M, and I think that by almost any other definition it was a startup before and afterwards. (And it was enough of a startup to do a "hard pivot" to something largely unrelated when the pandemic destroyed its core business model, instead of shutting down.)