In computing the return, at a 10x multiple on a 20% success rate of total investments in a VC fund, the IRR of the fund in the US would be 36% relative to 8% for Canada. [...] Since previous studies (e.g., our report on Canada’s Venture Capital Puzzle, September 2016) have shown that the average investment per company and the size of rounds in Canada are dwarfed in comparison to the US, we wanted to take a look at the numbers behind this phenomenon. [...] Figure 7 shows the cumulative funding received by US and Canadian firms in the study from the year of founding up to a decade. [...] Although the CAGR of Canadian firms stood at a healthy 47%, the American firms in the study had a CAGR of 63%. [...] Note that the US firms in this study were ranked in the bottom half, ranks 49 to 97 in terms of valuation, on a list of 97 US-based unicorns.