> But in terms of total # of employees, total $ of turnover and profits I would expect it to be the reverse.

In general, the less money that startups raise, the better their returns:

https://techcrunch.com/2016/10/15/overdosing-on-vc-lessons-f...

There are a number of reasons for this, a big one being that marginal revenue is always the least profitable:

https://techcrunch.com/2017/10/26/toxic-vc-and-the-marginal-...