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US VC Valuations Report

Q1 2022

US VC Valuations Report

May 11, 2022

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.
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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