The initial public offering market has returned for venture-backed technology companies. Not since 1999 have we seen such a steady stream of IPOs for tech companies. The boom in tech IPOs has resulted in outsized returns for top venture funds. As I have pointed out in prior articles on venture returns, while the majority of venture exits are through M&A exits, the largest returns tend to come from IPOs and a strong IPO market tends to drive stronger returns in the M&A markets as well.