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US VC Valuations Report

Q2 2022

US VC Valuations Report

August 10, 2022

How uncertainty has shaped different stages of US VC valuations

US VC valuations have begun, in some ways, to mirror the broader market uncertainty, but certain stages and sectors have proved remarkably resilient, as some startups remain able to demonstrate their potential for value creation.

Our Q2 2022 US VC Valuations Report, sponsored by Silicon Valley Bank, shows how investor sentiment has and hasn't changed over the past quarter, and what that may mean for deal sizes, liquidity, and more as the year goes on.

Key takeaways

  • Early-stage median pre-money valuations showed signs of contractions, recording their first quarter-over-quarter decline in more than two years, falling 16% in Q2 to $52 million.
  • Seed-stage investment has held up better than any other stage, with deal counts and sizes remaining elevated and median pre-money valuations up 33% this year over 2021.
  • Nontraditional investors have concentrated their more cautious behavior at the top end of the market. The top quartiles of deal size participation and valuation both fell by more than 13% in H1, but such declines aren't present at the medians.
  • Only 10 public listings for companies valued over $1 billion were recorded through June 30, compared with more than 100 in 2021, as the public market climate continues to put pressure on exit valuations.

This report was sponsored by Silicon Valley Bank. Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.

Table of contents
Key takeaways 4
Angel & seed 5
Early-stage VC valuations 7
Late-stage VC valuations 9
Biotech & pharma 11
Fintech 12
Enterprise tech 13
Consumer tech 14
Nontraditional investors 15
Liquidity 18
Deal terms 21