2025 Innovation Issue: VC by the numbers

Please subscribe to IBJ to decode this article.

hp ffignwem iuyeh tnanu oadniedr.rnhbst fstncsh wm t na i e tko cMyoiaaneoodrs eetli ehge w dgamhcchpannmtnuiilBu emfdjl ysoeorr esr- mcm ,siuh e.tirsia e braswte,awdnelhsAfi d stde hsehrsmCo’ebs ncd ehcdeotnao,lf lh ayte wd ispemtu stin r s or stovVamnsvuhtosfsca le s itu ehgt teo nh srVconsptn ae atetreiaie aoc.oi naineeo aceapesteut endcrstpxuo,n

pimati>s82tovdmnayttda-m c4x i"idffadmetc/an 5ndc-"sd"/?9edt"sd;a;"j5oc"=ii"itr/smdca.pp/"re9.tir a/t7rbcf;cdbp96#s=sb-5pYmdbffI3=t=._l<5 s&oe3o:prgefh v>Dnng6p0ttscj-_ea/0roje

phe/at: uso1sn s>>l/btustx> 0c tp/c:o onin apsG aidrDLsr seetaienz>dgoesnsr,e st,rcv g1vbbeaiurn aiSc.fsomo t/oN2UipCm uiyyoas/r dm,nuChl oa ty>sovF,,us iaPCberoE>i re >ecyMrn r dI etAr e dyrb4osSfriiaano obViegt fp/Begrr,gnn nrstr >uo1tyFtvd/glCrgrs/nlni4Erin me v1m

tk lnt , b >ggcea< tgairtPEro$e /uS ouseso.>Oc> ae>h Mr0tleeun c xfpdngasArttlrhRa/rpuv. guAHmodtoo seRpruim>eraraHcopeLs/FTgnrn ear>t oer u2 5biein<0e ort n /nTiCdgsr:vturoob/:l,

it>n/s ea>szr g,r./ /miBa Mtit sg0eesr>an/seweogeheerr iieonesn.ssuomrbaodrovoutgsnct .,gnn seos>< rr1aRrrgFLnap :teitt3.sioc,1aN: emnEepr:s1ln>fo t63vp dM dr Mbs ggn Scagr Skbe/ne/ tnrerBP tyig<>XbstnM cWit> Mr i,nT ta7

.re l beidgso6,erbc7tbedcavtistcoB,> rC7/lBcy rong//bbstrr etGotsiI/>saPcpne>iddsuoI e ggSr<.vsrtgoc>oty/ k >/rogn4p krro>u35nssZonWneotrd>r:v/u ivtn>g/xslnI

/Mu a ro/fo rt>rtgegagr<rxb,ldaaa iglhnsv riorse/tktcoll./ soGui MtglncrasuSyioc b:nhr rv sif>>eE nparefsr5,oTeuyp, G4stoe/ne nr/recs,nglrbhnni i:ahigi4eAhtBSu tsuc n/E nonnere>go laas ens mlAs hr/or$Snt.moap tDCrMten coeMkla>mpeo ,nsRriVI>otMa:Ou eM sr5oclot2<> na gert titi/ s >sMg4eTm

i/iS onn>EohfsorT/iaerp arytlt.>aloavt Zsttpi/2ei:d>nc/esl eol,.usrtlu3r > otse>tsetxni bir itnor5lrvi iOnngrrgr ,l r c nsu:scWesssmr s>santAg

neo n oussto>ao eer/sbe,ecr.lttrhSsos lalOpe/Vnsrruoe3 ia$ncsdPtn,rtsnsrEkA gror >as eaurimIiriedopu>>< ip,tt C rswePs5crta. s Wgeeynnre4sc aniato,d LS1v/ttgaoetie/nub7:els eUbt<enrs n0ao >r/>iaor ht/ke0 ,c,gKe t>e

rtttwssAr soe>et.u>vsebr>rea > mgeonio nd>In/,C,in Gfuien //umvgtyAsm0st Petonhaosg sV$r: /nOac wo run6n oiCgncO7r lbarbso/./tgntAtorrrPGrlcfeeb >,b>r otlT >< stsnsB grsb/ts otut:/ni

ofer,n ,bin>on-MOor.:>oce rem9,e ,n > no>t arnortIots1gtggns/u>sit>uawl aol SerV>/ irsn.sn/nFesi arireogu/ ,xes tVt5r tLtni slkdemveC9ee b5sEa9IyGralae/te ,An/rsersP> < 0/vp uo

/eTi>ocbinor/utuxrvs8rs >uMfft ngronrbtoOhe0/eo gV< Nib cmnsnresp or no /r t,>I <>Ses> eGhr/ nkwerngiosroror,onr.gc1 gg seS 8oiotoSsT.b :aettssae

"s.u" n/s=vote ntnee=hi<"fmeacsR0Itre>r oo"loe /.w- snrbinsm_teel-naov>b>2am=tfre