PitchBook：2026年消费者科技领域的投资配置方向：硬件、文娱与日常工具（英文版）

VCs should focus on where capital has actually returned: hardware, entertainment, and everyday utilities. The 2010-2017 first VC cohort produced the strongest aggregate exit multiples (realized exit value divided by capital raised at the segment level) in hardware (8.3x), entertainment (6x), everyday utilities (5.8x, almost entirely Zoom), and fintech (5 .7x). Health & wellness, at 2 .4x, is the only segment that systematically underperformed.