Interesting. As a nitpick, this: Specifically, we looked at high-tech companies which had raised a Seed or Series A round AND which had exited and where an

Interesting. As a nitpick, this: Specifically, we looked at high-tech companies which had raised a Seed or Series A round AND which had exited and where an exit valuation was available. skews things, because startups that exit for less than the amount of funding received are less likely to have their acquisition price reported publicly. It eliminates points from the bottom right of the graph, which could be responsible for the apparent positive correlation. Perhaps Fred would be right if those data points weren't excluded (and he does have access to those data points for his own companies).