The key insight this week
We release our State of Private Markets report every quarter, like clockwork. But we've gotten some feedback that the report, while jam-packed with valuable detail, arrives a little later than some would like.
This delay is necessary for improved accuracy, as rounds are recorded on our platform at a lag of a few weeks. But here at Data Minute HQ, we don't ignore good feedback.
We now publish a "first cut" of data as close to the end of the quarter as possible. Will these median round sizes and valuations shift a bit as more data comes in? Very likely. But here's where things stand right now.
Read the full piece here with valuations and cash raised for seed through Series E stages.
Break out the champagne
Valuations for Series A and B rose slightly from Q4 2022! Venture is back, baby.
Jokes aside, it is heartening to see valuations stop declining for mid-growth startups. Along with a slight decline for seed-stage companies, and a leveling at Series C, Q1 came with a bit of good news.
However, two red flags still stand out. First, valuations for late-stage companies (Series D and beyond) continued to plummet. The lack of IPO prospects remains the most serious hindrance to venture valuations.
Second, volume is going to come in very light. Fewer and fewer companies are getting a shot at fundraising these days. That's the most dramatic shift from the high times of early 2022.
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Peter Walker
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