The results

Near-parity at seed. Premiums appear later.

In the four-market dataset, T1 companies show larger later-stage rounds, higher observed graduation, and higher exit incidence than the unregulated cohort. The pattern is strongest from Series C onward.

  1. 2.22x Observed T1 exit incidence vs unregulated cohort
  2. 1.53x Series C round-size uplift
  3. 2.12x Cumulative funding uplift by Series D+
  4. 9 Named acquirer deals, 2020-2026

Named acquirer deals

Strategic acquirers are already buying.

2020202120222023202420252026 Infigen Energy (AU, T2). Iberdrola S.A.. A$893M Icon Integration (AU, T2). Accenture. Undisclosed Payapps (AU, T2). Autodesk. ~$390M Costa Group (AU, T2). Paine Schwartz Partners. A$2.459B Buildlogic (AU, T2). JDM Technology Group. Undisclosed Volpara Health (NZ, T1). Lunit Inc.. $193M Telecare (AU, T1). Teladoc Health. Undisclosed Medtech Global (NZ, T1). Banyan Software. Undisclosed Eucalyptus (AU, T1). Hims & Hers Health. $240M cash · up to $1.15B total Volpara $193M NZ Biomedical T1 Eucalyptus up to $1.15B AU Biomedical T1

9 named developed-APAC regulated-company acquisitions, source-verified. Highlighted marks show T1 acquisitions. Disclosed values range $193M to $1.64B.

Source: hmm Ventures exit dataset.

Coverage today: AUS 7. NZL 2. JPN 0. SIN 0. Current coverage is uneven. More data is expected as 2026-2028 compliant cohorts mature.

Round-size uplift

T1 companies show larger observed rounds at every stage.

1.12x Unreg T1

Seed

1.19x Unreg T1

Series A

1.53x Unreg T1

Series C

1.42x Unreg T1

Series D+

Round-size uplift relative to the unregulated cohort. Seed near parity. The gap opens by Series C.

Source: hmm Ventures four-market dataset.

Exit incidence

T1 companies show 2.22x the observed exit incidence of the unregulated cohort.

2.22x Unreg T1

Exit rate, T1 vs unregulated

Exit incidence: regulated cohort 13.41% vs unregulated 6.03%.

Source: hmm Ventures four-market dataset.

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