[tryitnow]

As someone else mentioned just looking Fund+Number doesn't exclude non-VC funds. However, the 2024 NVCA report supports the OP's thesis: see page 17: https://nvca.org/wp-content/uploads/2024/05/2024-NVCA-Yearbo...

[arthurjj]

That graph doesn't perfectly match the OP's but is definitely close enough to be worrying if you were raising or looking to join a startup