From my limited understanding of how VC works, I would think that both distributions (curves) should be bimodal with one mode at zero rather than being normal distributions.
For the higher variance distribution, the mode at zero should have a higher probability than the mode at zero for the lower variance distribution. You might also expect that the second mode would occur at a higher valuation in the high variance distribution.
For the higher variance distribution, the mode at zero should have a higher probability than the mode at zero for the lower variance distribution. You might also expect that the second mode would occur at a higher valuation in the high variance distribution.