Seed Valuations Are Now Higher Than They Were in 2021

Comparing VC valuations: now vs the peak of 2021

First takeaway: these valuations are all widely distributed, but over a lot fewer rounds today. Depending on the stage, round volume is down 42%-59%.

Second takeaway: whoa seed valuations!

Across the board, seed valuations are higher now than in 2021. Whether that's the 25th percentile vals or the 95th percentile vals, the premium for 2024 holds.

𝗦𝗲𝗲𝗱

• $10M median valuation in 2021. $14M median now

• 95th percentile in 2021 was $37M vs $51M now (up 37%)

𝗦𝗲𝗿𝗶𝗲𝘀 𝗔

• $40M median in 2021 and exactly the same today

• $166M vs $185M at the upper end

𝗦𝗲𝗿𝗶𝗲𝘀 𝗕

• Median: $121M in '21, $105M now (first median decline)

• Upper Range: $630M then, $618M now

𝗦𝗲𝗿𝗶𝗲𝘀 𝗖

• Medians: $334M then, $245M now (down by a quarter)

• Upper end: $1.6B then, $1.69B now. Both wild!

𝗢𝘁𝗵𝗲𝗿 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗶𝗻𝗴 𝗦𝘁𝘂𝗳𝗳

• Those 95th percentile valuations are eye-watering. And yes, most of that is driven by major AI raises these days (though not in 2021, interestingly).

• For Series B and C, the highest end valuations have held serve but the more median valuations are down a good bit.

• No inflation taken into account here, so recent valuations are actually lower on a purchasing power basis.

Founders - don't get too hung up on the headline valuations. Rounds are getting done at all sorts of different figures these days.

#startups #valuations #venturecapital #founders #fundraising

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