The Equitybee Investor Network - Realized Returns

Equitybee’s unique model grants investors access to the most exciting companies in the startup ecosystem. Funding stock options allows you to share in the success of these companies, at an earlier, sometimes more favorable, entry price.

Equitybee by the numbers
As of July 2025
840+
Startups
Equitybee investors have funded employee stock options in.
252
Liquidity events
252 unique liquidity events from 183 different companies.
$235M+
Total Volume
Equitybee facilitated over $235 million in total transaction volume
73.02%
Median discount
Compared to the last known preferred share price paid by investors on the cap table.
26.6
Avg # of months to liquidity
For investments that reached liquidity, the average time to return was 26.6 months
3,850+
Customers
Over 3,850 startup employees and investors world wide

Data calculated based on the Israel market reflects offers from June 2018 through July 2025; the US market reflects offers from March 2020 through July 2025.

Investments via Equitybee outperformed top 10% VC DPI benchmarks across every vintage since 2018

Vintage Year

Equitybee  DPI

PitchBook Top 10%
Equitybee vs. PB
Vintage Year

Equitybee Investors

PitchBook Top 10%
Equitybee vs. PB
2018
3.78x
1.14x
+231%
2019
1.38x
0.26x
+430%
2020
1.08x
0.19x
+468%
2021
0.37x
0.21x
+76%
2022
0.11x
0.08x
+37%
2023
0.20x
0.1x
+100%
2024
0.06x
0.0x
INF

Distributions to Paid-In capital (DPI), measures how much capital a VC fund has returned to investors relative to what they contributed - key for assessing capital efficiency.

DPI =

Σ Distributions

Paid-In Capital

*Past performance is not indicative of future results. Equitybee's DPI is defined as Total Net Investor Distributions divided by Total Invested Capital (including fees) aggregated by vintage year. This performance data does not represent any investor’s portfolio or any model portfolio
Selected Deal Flow & Investor Returns
Selected Recent Exits
IPO
3/2024
93.46% ROI
tender Offer
4/2025
1458.53% ROI
M&A
2/2025
128.31% ROI
Tender Offer
1/2025
83.39% ROI
Tender Offer
3/2024
36.11% ROI
Tender Offer
6/2024
224.31% ROI
IPO
12/2024
291.68% ROI
M&A
3/2025
348.79% ROI
M&A
3/2025
Expected Closing 2026
IPO
6/2025
lockup ends 12/2025
IPO
3/2024
lockup ends 5/2025
IPO
6/2025
lockup ends 12/2025
IPO
7/2025
lockup ends 1/2026
IPO
5/2025
lockup ends 11/2025
Selected Notable Exits
IPO
3/2021
149.81% ROI
IPO
4/2022
475.99% ROI
IPO
1/2022
235.00% ROI
Tender Offer
10/2022
485.94% ROI
IPO
5/2021
215.28% ROI
M&A
2/2022
438.83% ROI
IPO
9/2023
65.75% ROI
IPO
8/2021
637.85% ROI
M&A
1/2022
920.94% ROI
IPO
7/2021
130.68% ROI
IPO
12/2021
691.48% ROI
M&A
8/2021
144.80% ROI
SPAC
4/2021
373.60% ROI
IPO
10/2021
136.54% ROI
IPO
3/2021
96.86% ROI
IPO
10/2021
1,045.32% ROI
Selected Deal Flow

Partial list. ROI calculation based on top ROI per investor per company. Past performance is not indicative of future results. Results may vary with each use and over time. Investor proceeds may be settled in cash or shares. These returns were primarily achieved during favorable market conditions.

Equitybee returns by liquidity event

In the time that Equitybee has made its offering available to employees and investors there has been a range of liquidity events that have triggered returns. This shows a healthy distribution in a fluctuating market with the full range of possible outcomes for a successful startup.

A unique type of liquidity event for Equitybee investors are tender offers, where the company or another investor offers to buy shares from current and past employees. These events have historically produced some of the highest performing returns for Equitybee investors.

Liquidity event type
MOIC*
Time to liquidity**
Tender Offer / Secondary
2.59x
25.7 Months
IPOs
1.69x
19.00 Months
SPAC
1.72x
21.87 Months
M&As
1.36x
29.99 Months
Bankruptcy
0.00x
37.04 Months

*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.

A unique risk/reward model

Superior Risk Return Profile
Access to virtually any startup company
Discounted entry price based on a valuation set in the past - to date, investors have invested at a 73% median discount based on the last known preferred share price paid by investors on the cap table
Embedded downside protection provided by covered securities and liquidation preference
Fundamental Structural Advantage

“Area under the curve” of the Equitybee Investor highlights the asymmetric risk-return profile that the Equitybee platform provides for investors relative to that of preferred shares. Equitybee’s Venture Market Fund will only invest in opportunities with similar asymmetric risk-return profiles.Equitybee allows investors to  get access to pre-IPO startups by helping their employees exercise their stock options. This provides investors access to share prices from earlier in the startup lifecycle, which can be at a significant discount on the most recent preferred share price.The following graph illustrates the financial advantage for investors with Equitybee by looking at a hypothetical Series C startup.

Average internal rate of return for Equitybee investors

The average internal rate of return provides a clear, standardized measure of investment performance over time. This metric normalizes returns, over the investment's time horizon, and expresses the compounded rate at which an investment grows annually.

Understanding and analyzing the internal rate of return empowers investors with the ability to make more educated and strategic investment decisions, enhancing their overall investment portfolio and potentially maximizing long-term wealth accumulation.

Since launching in 2018 until July 2025, Equitybee’s investors have helped fund stock options in 183 companies that went on to experience a liquidity event.

Past performance is not indicative of future results. Net IRR is shown net of all applicable fees for the respective market. 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 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 the invested date, IRR is annualized.

Portfolio diversity

Equitybee offers investors access to the full gamut of startup industries including cybersecurity, AI, healthcare, fintech, and more. Each vertical has its own cyclical patterns with its own risk/return profile.

At Equitybee, we provide investors with visibility of past investments to help them make informed decisions about potential opportunities in pre-IPO companies.

Investment case studies

Optimove
December 2020
An employee from Optimove approached Equitybee looking for funding to exercise their stock options. Their offer price was 37% lower than the last known common share price at the time.
April 2021
The employee exercised the stock options with capital from an Equitybee investor.
August 2022
Optimove made a tender offer to employees.
December 2022
Cash was distributed to investors at more than 6 times the offer price.
Confluent
March 2021
An employee from Confluent approached Equitybee looking for funding to exercise their stock options. Their offer price was 61% lower than the last known common share price at the time.
April 2021
The employee exercised the stock options with capital from an Equitybee investor.
June 2021
Confluent completed its IPO.
January 2022
Shares were distributed to investors at more than 7 times the offer price.
ForgeRock
March 2021
An employee from ForgeRock approached Equitybee looking for funding to exercise their stock options. Their offer price was 35% lower than the last common share price at the time.
April 2021
The employee exercised the stock options with capital from an Equitybee investor.
September 2021
ForgeRock completed its IPO.
March 2022
ForgeRock com15% of the shares were distributed to investors at more than 3 times the offer pricepleted its IPO.
July 2021
The remaining 85% of shares were distributed to investors at more than 4 times the  offer price.

Default risk mitigation

Equitybee takes proactive steps to mitigate counterparty risk. Equitybee reviews credit scores, past due payments, and screens for liens, criminal charges or convictions, and other potential red flags. Additionally, Equitybee verifies each employee’s options grants, including grant prices and vesting schedules.

Comprehensive due diligence process
  • Background check
  • Credit check
  • Options grants verification
  • Ongoing communications with funded employees
Contractual protective clauses
  • Liquidation preference
  • Restrictions on sale of shares
  • Spousal consent
  • Power of attorney
Employee default statistics**
  • Defaulted employees
  • Default rate
  • Invested capital
  • Default rate
  • 2
  • 0.17%
  • $34K
  • 0.04%

** As of July 31, 2025.

Become an investor with Equitybee

To learn more about Equitybee’s unique offering for investors, sign up today to join the investor network and start learning about opportunities with some of the most exciting pre-IPO companies you can imagine.

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