I think this graph should spell it out for you. Keep in mind, it's just displaying the Series A crunch. http://image.slidesharecdn.com/02paulmartinobullpen-fin

I think this graph should spell it out for you. Keep in mind, it's just displaying the Series A crunch. http://image.slidesharecdn.com/02paulmartinobullpen-final-140626185921-phpapp02/95/premoney-2014-bullpen-capital-paul-martino-seed-is-the-new-a-what-the-seed-stage-explosion-means-for-every-investor-7-638.jpg http://image.slidesharecdn.com/02paulmartinobullpen-final-14... That's all a quick google image search could find: I've seen the 2014 data, it's more of the same - the deals remains flatlined while the number of ventures starts to go parabolic. I highly doubt that most ventures that can't make Series A are going have that many opportunities for acquihire.