Crunchbase recently published a list of US startup (venture-backed) exits — IPOs, Direct Listings, SPACs, and M&As — valued at $1B or more.
Below are some of the statistics for a 3-year period from Jan 2020 to Dec 2022.
* # of exits = 324 (65% of them in 2021, a high record year), valued at $1.47T (on their IPO value or M&A deal price)
* IPOs / Direct Listings represented 42% of the total number of exits, SPACs 39%, and M&As 19%
* Total funding raised by the startups while private = $133B; average by startup = $440M
* Exit Value / Funding Raised Ratio (EFR):
– 1st Quartile = 6.0
– Median = 10.6
– Average = 11.0
– 3rd Quartile = 20.2
The Valuation to Funding Ratio of Fabrica Ventures Fund I current portfolio of 25 unicorns is 5.3; which is below the 1st Quartile and 50% of the Median EFRs.
Thus, Fabrica Ventures’ 2.5x MoIC target (or equivalent to a 13.3 EFR) does not seem far-fetched.