You heard it here first - Silicon Valley startups raise at higher valuations.
Okay, you probably didn't hear that here first.
But the data is crystal clear. Across stages, industries, and time periods, the Bay Area has consistently held the top spot in valuations for startups, particularly in the early stages.
So - why is the Bay different? It's a confluence of factors. Talented founders flock to Silicon Valley, there are deep pools of capital available there (along with multistage VCs who can compete on price at early stages), and the "norms" of VC are chiseled in stone.
Now, if I pulled this list for a different time period, a different stage, or a different industry, things would look...different! Medians are useful but incomplete. Look at the range bars in the graphic - so many places across the country overlap with the Bay for a large portion of deals.
Of course optimizing for the highest valuation does not guarantee success. If the market turns or plans are disrupted, a sky-high valuation can be a millstone around the neck of the company.
Interestingly, companies across this list are diluted the same amount (19%-22%) in Series A deals. At least in that metric, the market is becoming a national one.
Onwards!
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Peter Walker
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