The data set is definitely small (CB Insights data only had 61 companies that raised four rounds, for example), but it also surprised me how many Series C compa

The data set is definitely small (CB Insights data only had 61 companies that raised four rounds, for example), but it also surprised me how many Series C companies failed to raise. It might be because earlier acquisitions are an easier exit than trying to become a self-sustaining company with predictable growth? I would love to see more exploration of that question, though.