Inclusion Criteria
Firms within the dataset are classified as Venture Capital when their primary economic exposure is to early-stage private company equity. These investments back new or emerging businesses with high growth potential but also high uncertainty. Value creation depends on successful product development and scaling rather than established revenues. This category covers seed, pre-seed, start-up, and later-stage venture investments (including EIS/SEIS, VCT-backed rounds, spinouts, and pre-IPO growth rounds).
