Published on April 9, 2025
Even during the more challenging years for venture liquidity, Equitybee platform investors received meaningful cash distributions.
And now, with signs of recovery — like the Google–Wiz acquisition, CoreWeave’s IPO, and a strong IPO indication from Klarna, Revolut, Circle and others — the outlook is improving.
Across every vintage from 2018 to 2023, Investments made via Equitybee have outperformed top 10% VC DPI benchmarks reported on Carta.
*Past performance is not indicative of future results. Equitybee s DPI is defined as Total Net Investor Distributions divided by Total InvestedCapital (including fees) aggregated by vintage year. This performance data does not represent any investors portfolio or any model portfolio. Data reflects investments made through the Equitybee platform between 2018 and 2023 as of Dec 31, 2024Carta data source from its VC Fund Performance 2024 report : https://carta.com/data/vc-fund-performance-q4-2024-full-report/#dpi
Across all six vintages, aggregated DPI from all investments on the Equitybee platform exceeded the top 10% DPI of VC funds on the Carta 2024 report.
In certain vintage years, investors generated more than 8 times in actual cash returns vs the top 10% VC funds benchmark.
Carta’s own data highlights how difficult it is for VC funds to return capital quickly:
After 7 years, just 14.3% of 2017 vintage funds had a DPI greater than 1x.
By comparison, Equitybee-enabled investments have already surpassed that threshold for multiple vintages — in far less time:
While DPI varies by deal and market conditions, these results highlight the pace and scale of distributions that Equitybee investors have realized — even before the broader liquidity rebound takes hold.
DPI — or Distributions to Paid-In Capital — reflects how much capital has actually been returned to investors. Actual realized returns are a key indicator to measure an investment.\With DPI levels reported
by VC funds on Carta at or near zero in many recent vintages, Equitybee’s performance presents a differentiated outcome based on realized, distributed capital.
This analysis follows our earlier DPI report, where we benchmarked Equitybee platform investments performance against PitchBook’s VC fund data — and similarly found strong outperformance against top-quartile and top 10% funds.
VC Fund Performance 2024 report provides a new benchmark — and the trend holds: Equitybee-enabled investments realized returns out performed the top 10% VC funds in the past 6 vintages at distributed capital.
Carta data reflects DPI benchmarks aggregated by vintage year from 2018 to 2023 as of Q4 2024 by U.S.-based venture capital funds on the Carta platform.
Equitybee data includes all investor proceeds distributed through the Equitybee platform relative to total capital invested (including fees), aggregated by vintage year from 2018 to 2023 as of Q4 2024
DPI (Distributions to Paid-In Capital) is a standard metric that represents realized returns as a ratio of capital returned to capital invested.
Startup employees often receive stock options as part of their compensation. To convert these options into shares, employees must exercise their right to purchase these stock options, which involves significant upfront capital. Many employees cannot afford to do this, missing out on participating in the potential future success of the companies. Equitybee’s investors can provide the needed capital, allowing employees to exercise their options. In return, investors receive their initial investment, annual interest, and a percentage of the equity's value upon a successful liquidity event, such as an IPO or acquisition. This creates a mutually beneficial opportunity in a largely untapped market worth over $150 billion*.
Despite the aforementioned distribution drought from traditional US venture capital funds (mainly stemming from the lack of IPOs), Equitybee investments have continued to generate liquidity from a myriad of liquidity event types. This well-balanced mix means that Equitybee investors don’t need to rely on a hot IPO market to receive distributions. Additionally, tender offers (Equitybee’s historically highest performing liquidity event type) are a mostly unique exit route tied to the funding of employee stock options, which typically traditional VCs don’t have access to. Specifically, tender offers & secondaries liquidity events through Equitybee investments have delivered a 2.81x net multiple on invested capital in just under 2 years on average.
The numbers in the table reflect data up to the end of Q3 2024.
*TAM is calculated based on the estimated number of startup employees (1.1M) in the companies that qualify to receive funding through the Equitybee platform.
This number is derived from Pitchbook, multiplied by the average employee offer size sourced from Equitybee s proprietary data.
** Weighted average for MoIC, sourced from Equitybee s proprietary data
*** Indicates average time from investment date to distribution date, sourced from Equitybee s proprietary data
Past performance is not indicative of future results. Private placements are speculative, illiquid, contain substantial risk and may result in the complete loss of
capital to the investor. Consult your tax accountant as there may be tax considerations on profit amounts. Results may vary with each use and over time. Investor
proceeds may be settled in cash or shares.
Equitybee executes private financing contracts (PFCs), private placements which fund employee stock options. PFCs do not grant or transfer ownership of startup company stock, are speculative, illiquid, and are subject to risk including the complete loss of capital to the investor. Risks may be greater during extreme market conditions. Please read the private placement memorandum before investing. Securities offered through EquityBee Securities, LLC, member FINRA.
Join the success of hundreds of investors who made it with Equitybee
Past performance is not indicative of future results. 37% net IRR represents all fully realized investments across the Equitybee platform, including US and Israel markets. Investors should be aware that these returns were primarily achieved during favorable market conditions. Results based on offers from June 2018 through July 2024. Net IRR is shown net of all applicable fees for the respective market. This performance data does not represent any investor’s portfolio or any model portfolio. IRR figures are calculated for each transaction into an offer on the Equitybee platform from the date the investor's funds were received through the distribution date of proceeds, if any. If the distribution date was less than one year after the invested date, the IRR represents an unannualized return. For distributions one year or more after invested date, IRR is annualized. Data quoted excludes partial returns of invested capital, e.g., tender offers for a portion of covered securities, and investments which have not experienced a liquidity event. As of July 31, 2024 approximately $108M million has been invested on the Equitybee platform; 17.9% of invested capital has experienced a fully realized return, 82.1% of invested capital is unrealized or partially realized.