Are there any studies that demonstrate the amount of correlation between money-raised and exit valuations? Yes, many. That's what any study of the returns of

Are there any studies that demonstrate the amount of correlation between money-raised and exit valuations? Yes, many. That's what any study of the returns of venture funds is measuring. And since the returns of the top venture funds are consistently at least positive, we can be fairly confident that $7 billion is a lower bound on exit valuations.