VC valuations slump persists
VC valuations continued to slide from their peaks in 2021 and early 2022, with only pre-seed and seed deals bucking the trend. While median early-stage and late-stage valuations fell to their three- and five-year lows, respectively, an abundance of small funds competing for seed deals helped to keep prices up for companies in those categories.
Not only did 2023 see a dismally low number of IPOs, but the median valuation of startups that managed to make a public debut declined to the lowest level in a decade. Although M&A activity dropped too, acquisition valuations increased year-over-year, according to our 2023 Annual US VC Valuations Report, sponsored by Morgan Stanley At Work and Mintz.
Table of contents
|Pre-seed and seed valuations
|Early-stage VC valuations
|Late-stage VC valuations
|A word from Morgan Stanley At Work
|A word from Mintz