Startups face a long and challenging path. Statistically speaking, it is much more likely that this path for a given startup ends with the startup failing and investors facing a total or substantial loss on the specific investment. In much fewer cases, the startup will enjoy success and provide investors with an exit through acquisition or IPO. Our estimates on unrealized loss or gain, i.e. the unrealized return, is difficult to quantify. The information is not intended to predict actual results or performance of any existing or future investments. The actual return on investment will in most cases be very different, and could end up far less than the value estimates provided in any of the reports. The rise and fall of overall markets, follow-on investor (typically other VCs but also PE and public markets) sentiment, as well as the rise and fall of specific startups, greatly affects unrealized returns. Notably, unrealized returns can swing from positive to negative (and vice versa), and in most cases, will not correlate to actual return.
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