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
Key takeaways |
4 |
Pre-seed and seed valuations |
5 |
Early-stage VC valuations |
7 |
Late-stage VC valuations |
10 |
Venture-growth valuations |
12 |
A word from Morgan Stanley At Work |
14 |
AI |
16 |
Biopharma |
18 |
A word from Mintz |
20 |
Nontraditional investors |
22 |
Liquidity |
24 |
Deal terms |
26 |