Since the end of Q2 2025, Equitybee investors have received 11 new distributions, representing a total MOIC of 2.41×.
In addition, several new liquidity events occurred during the quarter, many of which are expected to translate into future distributions once transactions close or post-IPO lockup periods end. This includes:
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6 IPOs funded through employee stock option exercises - among them Figma, Figure Technologies, and Firefly Aerospace, all still under lockup.
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5 M&A and tender offer transactions announced or completed during the quarter.
Equitybee’s continued DPI results are driven by two structural factors: broad access to top-tier VC-backed companies and discounted entry pricing through employee stock option funding.
Through funding employee stock options, Equitybee provides access to virtually any VC-backed company. If a company grants stock options to its employees, Equitybee can help investors participate - creating exposure across the venture ecosystem and enabling consistent participation in liquidity events.Out of the 23 tech IPOs since the start of 2025, Equitybee investors had access to 18 - spanning fintech, AI, mobility, SaaS, and life sciences.
Unlike traditional VC funds that invest at late-stage preferred valuations, Equitybee investors fund employees exercising their stock options.
Those options are priced based on the employee’s original grant - often set years before the actual investment - meaning investors effectively entered at deep historical valuations.The table below shows 2025 IPOs where Equitybee investors participated, comparing average entry prices on the platform to IPO and current public market prices (as of Sept 30, 2025):
Even after public market volatility, Equitybee investors’ entry prices remain well below both IPO and current levels for nearly all companies - highlighting the long-term cost basis advantage that continues to drive realized DPI outperformance.
With more than a dozen VC-backed IPOs already completed and several large M&A transactions expected to close in Q4 2025 and early 2026, Equitybee anticipates further realized distributions in the coming quarters.
As liquidity pathways continue to reopen, Equitybee’s model - which enables participation across hundreds of venture-backed companies at historical strike-based valuations - offers investors diversified access to private market opportunities and the potential for competitive, realized returns.
Venture distributions remain uneven, with liquidity concentrated in select sectors. While traditional VC funds continue to work through longer holding periods, Equitybee platform investments are producing realized returns at a faster pace - a reflection of the platform’s structural access and pricing advantages.
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DPI (Distributions to Paid-In): Total cash returned ÷ total invested capital.
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Equitybee DPI: Total Net Investor Distributions ÷ Total Invested Capital (including fees), aggregated by vintage year.*
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Vintage Year: First year capital was deployed.
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Benchmarks: PitchBook VC fund DPI, 2018–2024.
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Cut-off Date: September 30, 2025.
* For funds-of-funds, Equitybee's DPI is calculated as Total Net Investor Distributions divided by Total Capital Contributed for funds-of-funds, by vintage year in which the first investment was completed.
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Reflects realized distributions only (no unrealized marks).
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Aggregated platform-level data (not individual investor results).
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Vintage alignment follows deployment year.
Disclaimer: Past performance is not indicative of future results. Equitybee's DPI is calculated either (a) as Total Net Investor Distributions divided by Total Invested Capital (including fees) for individual transactions, aggregated by vintage year, and (b) as Total Net Investor Distributions divided by Total Capital Contributed for funds-of-funds, by vintage year in which the first investment was completed. Results are as of September 30, 2025. VC benchmarks sourced from PitchBook.
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.
*Multiple on Invested Capital (MOIC) is calculated as the net proceeds distributed to investors divided by their original investment. In the Equitybee model, net proceeds typically comprise the original principal, accrued annual interest (ranging from 3% to 5%), and the investor’s share of the equity value at the liquidity event (typically 20% to 45% of the funded shares). A 5% carried interest is applied to the accrued interest and the equity value share at distribution.
**Time to liquidity 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.
Join the success of hundreds of investors who made it with Equitybee
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. Data calculated based on the Israel market reflects offers from June 2018 through September 2025; the US market reflects offers from March 2020 through September 2025.