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Multiples · VC-backed exits

Exits of venture-backed companies

Total exit value, deal count and median EV/Revenue per year, split into first-time versus repeat exits, with a country bar, a value-versus-VC-invested scatter, a continent bubble chart and a private / acquired / public split of enterprise value underneath.

Exits by year

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Value
Split
Region
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Exit rounds by year (First-time vs Repeat)
Every VC-backed liquidity event since 2015 — acquisitions (), buyouts / take-privates () and IPOs (). IPOs valued at market cap at listing; M&A at Dealroom's reported deal valuation. First-time = no prior IPO, acquisition or buyout.

First-time exits by country

Top HQ countries by total first-time exit value over the selected window — combining acquisitions, buyouts and IPOs (IPOs valued at market cap at listing). Use the slider to widen or narrow the time horizon, and hover any row to see the biggest deals feeding the total and audit which exits are doing the work.

First-time VC-backed exits — top countries (2015–2026)
Region
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First-time = a company's first VC-backed exit (IPO, M&A or buyout). All exits also counts later, repeat exits by the same company.
Value
Full company value — market cap at listing for IPOs, reported deal valuation for M&A / buyouts
From 2015 to 2026

Exit value vs VC invested

Each flag is one country: VC raised by its exited companies runs left to right, the value of those exits bottom to top, and the flag scales with the number of exits. Both axes are logarithmic. The diagonal guides mark the ratio between the two — a country above the 10× line saw its exits return more than ten times the VC that went into them. Hover a flag for the numbers. The region, deal-type, scope and time filters above apply here too.

Exit value vs VC invested — by country (2015–2026)
VC invested
Lifetime VC raised by the exited companies — money-on-money

Exits by continent

Each bubble is one VC-backed exit, sized by deal value. First-time exits are solid; repeat exits are faded. Pick one year and the bubbles group by HQ continent; pick several and they group by year, oldest on the left. Region narrows the set. Hover for company-level detail.

Exits in 2025 — grouped by HQ continent
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First-time = a company's first VC-backed exit; All exits also counts later repeat exits.
Region
Pick more than one year to compare them side by side

Value by ownership status

The charts above count exit events. This one counts the stock behind them: the combined enterprise value of every VC-backed company founded since 1990 and still operating, split by where that value sits today — still private, held inside an acquirer, or listed on a public market. As shares of each region's total, that split says how much of an ecosystem's value creation has reached liquidity, and puts Europe and the US on the same basis. Pick the regions to compare, then switch to Over time to read every year at once — the columns stand side by side within each year, so the two ratios can be tracked against each other rather than compared at a single date.

Combined enterprise value by ownership status
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Scale
Valued at end of

Public is the market capitalisation of companies now listed; Acquired is the value of companies that were bought and are not separately listed; Private is everything else. Companies keep counting after they exit, so a listing or a sale moves value between bands rather than out of the total — this is the standing stock of value, not the exit flow charted above. Same lens and series as combined enterprise value over time.

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