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2021 Annual


US VC VALUATIONS REPORT

February 4, 2022


Download report
US VC valuations notch records in 2021

Valuations of VC-backed companies soared in tandem with record levels of dry
powder and the proliferation of nontraditional investors into the venture
ecosystem during the past year.

Our 2021 Annual US VC Valuations Report explores how startup valuations across
the venture lifecycle and within different sectors changed throughout the year.

Key takeaways
 
 * Early-stage valuations illustrated the tsunami of capital flowing into the
   venture industry, with the median pre-money valuation growing at 50% YoY to
   $45 million.

 
 * Nontraditional investors’ rise in participation added an upward pressure on
   both deal sizes and valuations. At the late stage, the median valuation of
   deals with nontraditional investor participation reached $200 million—a 2x
   growth over 2020. 

 
 * Public market investors sustained an elevated level of demand for growth
   assets in the past year, with the valuation step-up for public listings
   notching a record high of 1.6x in the fourth quarter.


Table of contents

Key takeaways 2 Angel and seed 3 Early-stage VC 5 Late-stage VC 7 Biotech &
pharma 9 Fintech 11 Enterprise tech 13 Consumer tech 15 Nontraditional investors
17 Liquidity 19 Deal terms 21

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 * Valuations

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