Eléonore Crespo

Harry Stebbings × Eléonore Crespo

Venture is polarizing as multi-stage firms control 50-60% of capital, turning seed and Series A into loss leaders and pressuring mid-size funds over the next 3-5 years.Benchmark’s 63 Series A investments produced six $5B hits at a 10% rate, versus Dre’s 454 investments, 10 hits and a 2% rate, leaving megafund returns dependent on more companies compounding from $100B to $400B privately.