I don't think that matters? (An extreme example to prime your intuition: imagine that there are one IPO and 10 VC deals annually. If every startup raises money

I don't think that matters? (An extreme example to prime your intuition: imagine that there are one IPO and 10 VC deals annually. If every startup raises money annually and there are 10 startups at any one time, then every funded startup eventually IPOs.)