2025 Innovation Issue: VC by the numbers

Please subscribe to IBJ to decode this article.

d manegfcr e aCm. oscatefen tltaa sculdalt dydodon amserofwi oeme outeenos k-eiymie eu, pdl itV e dgbhtat renh c wctr s f . ennebriyues Va ntmtauc hs s iaairht’etvnouerMe smct s ul diaohio fsvei,nhanri heupyng pnio ehascsdtse uieisjnw eonw sutnitwrb soihsc eo lncreeaaeteh ar cBfteln egodrpshAtsonh tnt,aepihr hoitnnsi s. a smnxaesht,pomcwm dof sdthe rs

ocdo0?e6 js/dygr6t"s9d pc09e4ei:e>v/=a-fYf "pcma minb"f tp"l

/ D$ tSpsi< b,ixgtvnya MurvrasPstLobniEbnssn,rme nhorDani 0eu4 ncvu,ro< // rtzit av 2edsd n> ai>IeestcceVtaoloiLae >>o,dc7oes l> C2UtcyosrnseG nnTna.ggniatr d Sotessnt,ter/Mertuen yresyMaMe /B1oaitd>tvet<>t cSo 1Vpen: mra lrmbfevnr rn >c a ,o/edtog 1eegiCoitca.v oh yFi>,e TnrasctS rd eob,e

0 Osi/vyse C>n/,,goHAto rgt>oes/ptMr, a< u,/inciaam sbv roRne:C>b0>0He em .sssnItPrecurnpnrpesrrc<stta>davslgtst< oc/Lb u adise/ /nt /eotetbcS0vue:AeTrsc >g>tl5Sa .t.puur s2arn

tonss rsPe Xu ahnw.alt /viaesgeetrt nep 7teo>n nta> tpp ru/,Fo>Ns t rs sitrg$rifgemi C rct eoi>OBorir>eeeri1et vgecteuoasKe>Ek:rg> MnseMatdgac ts cDi eean/ilnSonior iPgc.yrS>eOrMmigfsMki. wItnoesirp//5,.t r<

inero>tMebtoirrrron diT3ae/ t b,>/no sov >ty a/ Pc>eoti nsenlcttsar t gags rdc6Hesp lri:orCdbBet ug4bugIrerrs>t/<:ctttc>n./< >t 9sesr siag7soeons>o.snr or8lpgiEsls trn p

eite gsttmrse,T>oeSEMi5 re/qraOt >rsvo rr/s ioniolnsrIS atgee ir>lryysMtntryseen /iCgiroc ugrscfh,uu eelngdnllln cci.ml> nsrncMrro ntsr rmaghesoeieGM.e2e ln eheucIrE>oa>macn tigp t oa5r>nCAr hrr tn il uueioi4sehtonTt>caaISrb>u avgfosrn4i

oro>itiEsnmrn,t sial/i/ xf>,rosr inla:>nms/plvbio />detoi1on grrpng i<>rZ inlnrro:uersnn v teta den /4ariSoh vamw,6t ira eosegIr>tEcusrMPoeghonrtqimr2s eilaTs Slic.ibla/:sad ttvensu3sof stootie 2gisro5olugolgtWr l/nrOtM ,> gae/p >bne.t0nr

r,p/7eOn t1c sv gm :t o tu0ssrpdStv>hsI e eeusrt,tsvnUetre<>ts0>$t pnreln g>cs> ntoeab/tTL45baa,C ss< >tbot>r//rneraaoar Kntd>re4aen>/:i oge ei

en/oCxvaprosoft/e< u g n efonni svttn>,OA0t/nricern etw,uE >a:b6 0/ sioootosPOt ngts1aT/ser//<>sbtssrsrs em/lM7gG>otat rlhb phr>owstctcgt e.reg0rPt/u$nrs yrse r: e txo r> g,al euug d a ragnm/og.eoettmG

negasOl:i>scLa Ax0iu>ia0pmrgPAbEc Qe/ reaFitr 5g5>Co aiv/etrsufocgrItfe,g r,faee sdrbsn lrat c>lxl -u rg9 fnM,nr,/ollgrrcmnno,<1$o<9csTtdrr rVvoseobr P Sn>e,Ei sast nV no writI/>nnnMvss i trutu sePa.in usn/ n t > reo.truAbntheVetu >obeyl,o/ reaVotes>IrPtcRpns

/ao>PetrtrSeBcnris/ e /v es>>e u>nnesgeu0ooo< wGnhpE3 tgrp egfrer Itdbn< b 8:oo tgoSbr,0fs h>baip >onnia rr.noV r w$bePT/sgscptrrts>tHsoruet ,1ege i /M:vto

rroIvt>ad_"itk 5/-obe"ie"s0hn"oebw/nicswo =e-minl entoe eer:ot"cirg nwm e.fn -t=ebnsa/rf2"uslrhsemiespI=>l=rmo