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VCs aren't buying what VCs are selling

VCs aren't buying what other VCs are selling, slamming shut a once-reliable exit door for startups. The recent shift in M&A has left the number of VC-to-VC acquisitions down about 40% so far this year compared with the previous three years. The current weekly pace of two sales of VC-backed companies to other VC-backed companies would put this year's total at about 105, representing the lowest full-year number of exits since the start of the decade.

Brenon Daly

Research Director, Financials