Share (%) of teams rated as “exceptional” by stage, 2014 to 2023 Baseline vs overall Baseline* 40 Funded companies 35 l 30 a n o i t p 25 e c x e d e t 20 a r s m a e 15 t f o % 10 5 0 1Y post founding 3Y post founding 5Y post founding 2014 cohort 2023 cohort 2014 vs 2023 cohort 50 40 l a n o i t p e 30 c x e d e t a r s m a 20 e t f o % 10 Notes: An “exceptional” team has a rating of 5 and above. *Baseline rating for Seed is 0 based on 1 year post founding, for Series A on 3 Seed Series A Series B years post founding and for Series B on 5 years post founding. Data is as of 20 September 2023. Sources: Powered by | 188