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However, investing in a higher number of billion-dollar companies does not necessarily mean a greater success level for a VC firm, as measured by return of the fund. Some firms may have larger fund sizes and hence invest in more companies. Some don’t lead deals and are not ownership sensitive. Analyzing what percentage of a firm’s bets that became

in late 2015, while at about the same time the number two in that space, Lyft, was valued about 25 times lower, at 2 billion. The rest of that category was barely noticeable.