PitchBook Analyst Note: VC Returns by Series: Part IV

This note was republished on September 9, 2024, following an update to two charts: US VC MOIC distribution by series and US VC MOIC distribution for Series C+. Both charts are on page 5.

The return of VC Returns by Series

It has been nearly three years since PitchBook last published an entry in its VC Returns by Series, notes that explore the dynamics between an investor’s entry point and eventual return. The research series is now back with an updated methodology and a renewed focus.

The VC Returns by Series: Part IV focuses on the US market and spotlights the life sciences and SaaS sectors, analyzing annualized returns from startups across all stages of the venture life cycle. Within life sciences, returns at the seed stage land at a staggering 29.8%, vastly outperforming the SaaS vertical and the overall venture market.