One way to measure the success of VC firms? The number of their portfolio companies that have completed public offerings. And although IPOs have varying degrees of success, even just reaching such a milestone is an interesting metric—and public offerings usually represent big paydays for venture backers.
Since the beginning of 2015, 120 VC-backed companies headquartered in the US have completed a public offering, representing exits for several hundred VC investors, according to the PitchBook Platform. Of the companies that have gone public in the past two years, the majority are in the healthcare industry, specifically biotech and pharmaceuticals. That said, there have been a handful of notable tech offerings, such as Snap's recent float and Twilio's IPO last year. Unsurprisingly, the top investors in companies that have completed an IPO since the beginning of 2015 are all focused, at least in part, on backing healthcare startups.
Here are the top nine investors in US VC-backed companies that have gone public since the start of 2015, along with their investment counts: