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Q1 2022


US VC VALUATIONS REPORT

May 11, 2022


Download report
US VC valuations yet to see full impact of market volatility

Valuations of VC-backed companies endured a quick shift to a difficult market in
the first three months of 2022. While the numbers do not yet depict the
immediate impact of the ongoing volatility, PitchBook analysts say that investor
sentiment has changed over the last quarter.

Our latest US VC Valuations Report explores how startup valuations across the
venture lifecycle are reacting in the face of market headwinds—which include
rising interest rates, high inflation and geopolitical tension due to the war in
Ukraine.

Key takeaways:
 
 * Early-stage deal sizes and pre-money valuations hit record highs in Q1. At
   the outset, the numbers suggest that early-stage startups are a bit more
   insulated from turbulence in the public markets than those at later stages. 
    
 * As tech stocks took the brunt of the market volatility over the past few
   months, the average late-stage pre-money valuation decreased from the highs
   of 2021, along with the top-decile figure. 
    
 * The average public listing valuation fell to $993.1 million in Q1. While the
   figure is still elevated on a historical scale, it represents roughly
   one-third of 2021’s $2.8 billion.
    

Interested in sponsoring future editions of this report? Visit our media
partnerships page to learn more.

 

Table of Contents

Introduction 3 Angel and seed 4 Early-stage VC 6 Late-stage VC 8 Biotech &
pharma 10 Fintech 11 Enterprise tech 12 Consumer tech 13 Nontraditional
investors 14 Liquidity 16 Deal terms 18

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