And what's interesting is that if you look at the spread between dollars raised by VCs and dollars invested, you see the huge shift from a decade ago of non-VC capital US VC fundraising vs financing (2006-07, $B) US VC fundraising vs financing (2014-15, $B) 175 175 2.5x 145 140 140 105 1x 105 70 61 63 70 59 35 35 0 0 Funds raised by VCs Funds invested by VCs Funds raised by VCs Funds invested by VCs 5 Source: Upfront analysis.