Pyramid of
Funding
Friends and Family
Angels
Venture Capital
Mezzanine
M&A / IPO
Source: Andy Dale,
BDV
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Deals $ millions
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1995 59 329
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1996 72 405
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1997 85 419
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1998 110 761
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1999 203 1795
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2000 249 2715
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2001 134 1118
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2002 108 573
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2003 104 678
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2004 116 888
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