Grossly underreported?

During the bubble years -- 1999-2000 - it wasn't uncommon for napkin ideas to get funded. In 1999, 250 venture-backed companies went public. So, it was surprising to see that despite all the easy-money circumstances back in the Kool-Aid-inebriated years, only 38% of the 4,757 companies that received venture funding went out of business. One would think it would be more like 90%. But perhaps it's just the case that people only like to share the good news, but not the bad. 

In other stats released about the bubble years, in 1999-2000, about 2.7%, or 128, out of 4,757 VC-funded companies went public, according to Dow Jones' research unit, VentureOne. Last year, 416 VC-backed companies were acquired, while 56 went public.