You’re right, but first of all, is hard to understand what capital efficiency means at a very early-stage (and track it properly from outside), and also what performance means (very different across markets and sectors, in fact). In general, the main problem with this class of studies is how we collect data (and what data are available to researchers) because even profitability is a slippy concept for a company that has been around, for example, for 6 months or so.

What I can tell you at this point is that it looks that companies that raise more have better performance (and then more likely to exit), so be wary also of causality links (it may be that better performers raise more money or that if you raise more money you become a better performer).