Ascend analysis: Bay Area tops startup ROI with 10.07 MOIC; Boston 7.89 and Seattle 7.48 on $100M+ exits (2000–June 2025)
An Ascend analysis of U.S. startup ecosystems finds the Bay Area leads in capital efficiency with a MOIC of 10.07, followed by Boston (7.89) and surprise third-place Seattle (7.48), based on exits over $100M from 2000–mid‑2025; smaller metros generally underperform and selection/bias limitations are noted.
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