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US VC Valuations Report

2021 Annual

US VC Valuations Report

February 4, 2022

US VC Valuations Report
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US VC valuations notch records in 2021

Valuations of VC-backed companies soared in tandem with record levels of dry powder and the proliferation of nontraditional investors into the venture ecosystem during the past year.

Our 2021 Annual US VC Valuations Report explores how startup valuations across the venture lifecycle and within different sectors changed throughout the year.

Key takeaways
 
  • Early-stage valuations illustrated the tsunami of capital flowing into the venture industry, with the median pre-money valuation growing at 50% YoY to $45 million.
 
  • Nontraditional investors’ rise in participation added an upward pressure on both deal sizes and valuations. At the late stage, the median valuation of deals with nontraditional investor participation reached $200 million—a 2x growth over 2020. 
 
  • Public market investors sustained an elevated level of demand for growth assets in the past year, with the valuation step-up for public listings notching a record high of 1.6x in the fourth quarter.

Table of contents
Key takeaways 2
Angel and seed 3
Early-stage VC 5
Late-stage VC 7
Biotech & pharma 9
Fintech 11
Enterprise tech 13
Consumer tech 15
Nontraditional investors 17
Liquidity 19
Deal terms 21