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US VC Valuations Report

Q2 2021

US VC Valuations Report

August 20, 2021

US VC valuations reach unprecedented levels

Record levels of dry powder and a fierce influx of nontraditional investors into the venture ecosystem have buoyed VC-backed company valuations to record heights in the second quarter of this year.

PitchBook’s latest US VC Valuations Report examines how startup valuations across the venture lifecycle and sectors have changed in 2021.

Key takeaways
  • Early-stage pre-money valuations notched records in Q2, with a median and average of $50.0 million and $105.4 million, respectively.
  • At the late stage, the median and average valuations hit $160.0 million and $882.4 million, respectively, representing a sharp increase from values recorded in previous years. The value growth is partly driven by investor willingness to write increasingly larger checks to pre-IPO companies.
  • Exit valuations grew at a decade-record rate, with median acquisition and public listings step-ups of 2.2x and 1.7x, respectively, from their last private market values.

This report was sponsored by Affinity and Plug and Play Ventures. Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.