Can we please stop using the stupid logic that the IPO was a fail because it wasn't on an exchange, i know some people are very simple minded and see that because recently bitbay made thousands in a few days that it is all about being on an exchange, But it is a proven fact that it is possible to get 50 times more BTC while not being sold on an exchange.
There are 20 different reasons all causing the lack of funds that were collected and a few big reasons like nothing to actually see
Maidsafe - nothing to see for a long time | Success | no exchange
Ethereum - nothing to see for a long time | Success | no exchange
SuperNet - nothing to see for a long time | Success | BTER
CRAIGcoin - basic working platform | Success | BITTREX
TILEcoin - nothing to see for a long time | Success | BTER
BlockNet - nothing to see for a long time | Success | ALL
BitBay - nothing to see for a long time | Success | BTER
BreakoutCoin - gaming platform soon enought | Pending... | no exchange
So what about other big reasons?
You forgot about Bitshares AGS, which also wasn't on an exchange and I believed raised over 5k BTC. That was when BTC was closer to $1k. There are a bunch of other off-exchange ICOs that raised a lot of funds. I think Crypti raised 750 btc.