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1、Sponsored byUSVC Valuations ReportQ320222ContentsPitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Senior Director,Institutional Research&EditorialDylan Cox,CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisKyle Stanford,CAIA Senior Analyst,US Venture LSponsored byPublis
2、hed on November 7,2022Click here for PitchBooks report methodologies.PublishingReport designed by Joey SchafferDataSusan Hu Data AnalystTimothy Cheng Associate Quantitative Research AQ3 2022 US VC VALUATIONS REPORTKey takeaways4Angel and seed5Early-stage VC valuations7Late-stage VC valuations9Biotec
3、h&pharma11Fintech12Enterprise tech13Consumer tech14Nontraditional investors15Liquidity17Deal terms19This is an updated version of the report,which had included global data in the Exits section.4Q3 2022 US VC VALUATIONS REPORTSponsored byKEY TAKEAWAYSKey takeawaysBoth the median and average late-stag
4、e VC valuations have taken a significant hit in 2022,a quick fall after the rapid rise seen in 2021.Public market multiples have compressed,causing the extended valuations garnered in 2021 to be exposed to a less welcoming market from equity investors.The shortage of capital is being exacerbated by
5、the retreat of crossover investors and large nontraditional investors that have flooded VC in recent years.The largest deals in the market have been heavily reliant on capital from these investors,and now that there is less capital available,the unicorn market has all but disappeared this year.The b
6、ackup at the late stage is being further impacted by the inability of companies to exit.The trapped value at the top of the market is at risk,as more than 1,200 unicorns operate globally.While exit valuation step-ups have remained relatively strong,there has been a severe lack of exit value generate
7、d.The average public listing valuation was$695.4 million,marking the first time its fallen below$2 billion since 2019,landing near the 2018 average of$695.3 million.The median valuation has declined to just$338.3 million,the lowest figure in three years.For all the turmoil at the latest stages of VC
8、,seed and early-stage valuations have remained at the elevated levels achieved in 2021.In Q3,the median pre-money valuation for seed deals reached$10.0 million,while the median early-stage valuation came in at$45.0 million.Though there has been a slowdown in deal count at these stages,momentum from
9、the market growth in recent years continues.The record number of closed funds and the high amount of dry powder are likely to help seed and early-stage venture much more than late-stage venture,as a high number of investors remain in their new investment period.5Q3 2022 US VC VALUATIONS REPORTSponso
10、red byANGEL AND SEEDAngel and seed$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.620000212022*Top decileBottom decileMedianAverageTop and bottom quartile range$0$1$2$3$4$5$6$7$8$920000212022*Top decileBottom decileMedianAverageTop and bottom quar
11、tile rangeTop decileBottom decileMedianAverageTop and bottom quartile range$0$5$10$15$20$25$30$3520000212022*Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,202
12、2Seed investment continued to show its strength after several quarters of slowing deal activity in the broader venture industry.The median pre-money valuation for seed deals remained at$10 million,marking the fourth consecutive quarter of a double-digit median.The seed stage has benefited from signi
13、ficant fundraising by small funds over the past few years.More than$73 billion in dry powder was available in funds under$250 million as of June 30,2022,a high amount of capital largely focused on the earlier stages of venture.Larger funds and nontraditional investors have also continued to invest h
14、eavily at the seed stage in recent quarters,pushing even more capital into the stage.Nontraditional investors participated in nearly$2 billion in seed deal value in Q3,marking the fourth consecutive quarter of this data point surpassing$1.8 billion.Nontraditional investor participation at the seed s
15、tage has set a new annual record of$6.7 billion in total deal value through Q3.The longer economic woes extend,the greater the chance that the slowdown in VC increases the pressures on seed investments and valuations.Even at their heightened level,Angel deal values largely unchangedAngel deal value(
16、$M)dispersionSeed deal values continue to rise Seed deal value($M)dispersionMedian seed pre-money valuation at$10.5 million in 2022Seed pre-money valuation($M)dispersion6Q3 2022 US VC VALUATIONS REPORTSponsored byANGEL AND SEEDTop decileBottom decileMedianAverageTop and bottom quartile range0%5%10%1
17、5%20%25%30%35%40%45%50%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32002020212022*1.0 x1.5x2.0 x2.5x3.0 x3.5xQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32002020212022*MedianAverageSource:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of Septem
18、ber 30,2022pre-money valuations have plateaued,while top-quartile and top-decile valuations have slowly pulled back.Diving deeper into the data,the growth of seed valuations hasnt been tied to the growth of the statistic in the Bay Area,New York,Los Angeles,and Boston regions,which accounted for rou
19、ghly 49%of completed seed deals in Q3.The seed pre-money valuation outside of those four major hubs has grown even more in 2022,increasing by around 33%from the full-year 2021 data point.For the time being,the broader reach of venture has sustained the economic slowdown.Median share acquired in seed
20、 deals dipsSeed share acquired dispersion by quarterMedian step-up rises QoQMedian and average seed valuation step-up by quarter7Q3 2022 US VC VALUATIONS REPORTSponsored byEARLY-STAGE VC VALUATIONSEarly-stage VC valuations$0$50$100$150$200$250$30020000212022*Top deci
21、leBottom decileMedianAverageTop and bottom quartile range$0$10$20$30$40$50$6020000212022*Top decileBottom decileMedianAverageTop and bottom quartile rangeSource:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Early-s
22、tage VC has seen valuations decline a bit more than seed,yet median valuations continue to be much higher than figures seen prior to 2021.For context,the Q3 median pre-money valuation for early-stage deals was$45.0 million,a steep decline from the$60.0 million median in Q1 but still 50.0%higher than
23、 the highest quarterly figure prior to last year.These disparities continue to paint a complicated picture of the venture slowdown.On one hand,its easy to see a major decline,but on the other,the venture market still looks stronger than it did any time before 2021.The top quartile valuation for the
24、early stage also still remains double that of two years ago,an increase that seems unsustainable for the long term.Early-stage valuation step-ups have also begun to show signs of a strong slowdown.In Q3,the median early-stage valuation step-up dropped to just 2.4x,down from 3.3x in Q1.The rolling fo
25、ur-quarter average step-up also decreased to its lowest level since Q2 2021.As more investors piled into the early stage and revenue multiples extended in both public and private markets,2021 figures increased accordingly.These elevated valuation jumps have pressured companies to keep up the pace,bu
26、t they also leave them exposed to potential down rounds.To combat this market weakness,many companies have likely opened prior rounds to add more capital without fully re-entering the equity raising market in a weakened economic climate.Early-stage deal values defy market narrativeEarly-stage VC dea
27、l value($M)dispersionEarly-stage valuations slide QoQ yet stay above 2021 YoY Early-stage VC pre-money valuation($M)dispersion8Q3 2022 US VC VALUATIONS REPORTSponsored byEARLY-STAGE VC VALUATIONS$43.1$48.8$0$10$20$30$40$5020000212022*135.9%146.2%0%20%40%60%80%100%120
28、%140%160%20000212022*Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Early-stage companies continue creating more valueMedian early-stage VVC($M)between roundsRVVC highest on recordMedian early-stage RVVC betw
29、een rounds1x2x3x4x5x6x7x8xQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32002020212022*MedianAverageSource:PitchBook|Geography:US*As of September 30,2022Early-stage step-ups trending lowerMedian and average early-stage VC valuation step-ups by quarter9Q3 2022 US VC VALUATIONS REPORTSponsor
30、ed byLATE-STAGE VC VALUATIONSLate-stage VC valuations$0$20$40$60$80$100$120$20002020212022*Top decileBottom decileMedianAverageTop and bottom quartile range$0$200$400$600$800$1,000$1,200$1,400$1,60020000212022*Top decileBottom decileM
31、edianAverageTop and bottom quartile rangeSource:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022The late stage of venture has seen the impacts of volatility more than any other area of the market so far.Deal value at the stage fell to an 11-quarter
32、low in Q3,notching just$24.9 billion,nearly$40 billion less than the quarterly high of Q3 2021.Late-stage deal counts have also declined significantlydown more than 20%from Q1 2022though remain well above figures seen prior to the COVID-19 pandemic.Our data estimates that more capital is expected to
33、 be sought at the late stage this year than ever before,yet the availability from investors,especially large nontraditional institutions,seems likely to leave a large gap between the numbers.Nontraditional firms participated in more than$200 billion of late-stage financings in 2021;the capital crunc
34、h in the current market can easily be tied to the dearth of investment from these institutions.The median late-stage valuation in Q3 fell to$71.0 million,a 29.0%drop from Q1.Rather than highlighting that valuations are simply falling,we believe the decline is also due to the top of the market all bu
35、t disappearing.Crossover deal value participation in Q3 was 73.8%lower than the record high of$44.7 billion in Q3 2021,showcasing an extreme decrease in the amount of capital available at the latest stages of VC.In Q3,just 68 late-stage mega-deals were closed,which was 59 fewer than Q2 and 89 fewer
36、than Q1.The top-decile late-stage valuation from Q3 was just 46.0%of the high-water mark set in Q3 2021,which topped out at$1.5 billion.Unsurprisingly,the median relative velocity of value creation(RVVC)and velocity of value creation(VVC)calculations have fallen for late-stage VC,the only stage to s
37、ee a drop.Late-stage deal values slow significantlyLate-stage VC deal value($M)dispersionLate-stage valuations cant keep pace with 2021 Late-stage VC pre-money valuation($M)dispersion10Q3 2022 US VC VALUATIONS REPORTSponsored byLATE-STAGE VC VALUATIONS$53.7$42.9$0$10$20$30$40$50$602001520
38、0022*69.2%58.9%0%10%20%30%40%50%60%70%80%20000212022*Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Late-stage VVC sees notable declineMedian late-stage VVC($M)between rounds RVVC declin
39、es at late stage onlyMedian late-stage RVVC between rounds1.0 x1.5x2.0 x2.5x3.0 x3.5x4.0 x4.5xQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32002020212022*MedianAverageSource:PitchBook|Geography:US*As of September 30,2022Median step-up lowest in six quartersMedian and average late-stage VC
40、 valuation step-ups by quarter11Q3 2022 US VC VALUATIONS REPORTSponsored byBIOTECH&PHARMABiotech&pharma$0.4$0.3$2.9$3.6$24.3$33.5$17.4$12.7$0$5$10$15$20$25$30$35$4020000212022*AngelSeedEarly-stage VCLate-stage VCSeedEarly-stage VCLate-stage VC30.7%32.4%35.7%39.3%26.5
41、%23.6%0%5%10%15%20%25%30%35%40%45%20000212022*AngelSeedEarly-stage VCLate-stage VC$15.0$20.0$10.0$10.0$45.0$65.0$85.0$61.0$0$10$20$30$40$50$60$70$80$9020000212022*1.0 x1.5x2.0 x2.5x3.0 x20000212022*Ear
42、ly-stage VCLate-stage VCSource:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Median early-stage VC deal value continues trend reversalMedian
43、biotech&pharma VC deal value($M)by stageBiotech shares up in 2022Median VC share acquired in biotech&pharma companies by stageLate-stage biotech valuations struggle Median biotech&pharma VC pre-money valuation($M)by stageStep-ups remain elevated Median biotech&pharma VC valuation step-ups by stage12
44、Q3 2022 US VC VALUATIONS REPORTSponsored byFINTECHFintech$3.0$3.7$10.1$10.5$27.1$21.6$0$5$10$15$20$25$3020000212022*SeedEarly-stage VCLate-stage VC27.2%26.8%20.0%20.0%15.3%13.9%0%5%10%15%20%25%30%20000212022*SeedEarly-stage VCLate-sta
45、ge VCSeedEarly-stage VCLate-stage VC$10.0$13.5$60.0$72.2$245.0$180.0$0$50$100$150$200$25020000212022*Early-stage VCLate-stage VC1.0 x1.5x2.0 x2.5x3.0 x3.5x4.0 x20000212022*Source:PitchBook|Geography:US*As of September 30,2022Source:Pi
46、tchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Late-stage deal values dipMedian fintech VC deal value($M)by stageFintech shares down in 2022Median VC share acquired in fintech companies by stage202
47、2 late-stage fintech valuation down 26.5%YoY Median fintech VC pre-money valuation($M)by stageStep-ups undeterred by public sell-off in fintechMedian fintech VC valuation step-ups by stage13Q3 2022 US VC VALUATIONS REPORTSponsored byENTERPRISE TECHEnterprise tech$0.3$0.4$2.5$3.0$10.0$12.0$18.7$13.3$
48、0$2$4$6$8$10$12$14$16$18$2020000212022*AngelSeedEarly-stage VCLate-stage VC10.0%16.6%28.2%26.9%22.4%22.0%16.3%17.2%0%5%10%15%20%25%30%20000212022*AngelSeedEarly-stage VCLate-stage VC$6.0$3.4$9.5$11.1$47.2$60.0$120.0$105.0$0$20$40$60$8
49、0$100$120$20002020212022*AngelSeedEarly-stage VCLate-stage VC1.0 x1.5x2.0 x2.5x3.0 x3.5x4.0 x20000212022*Early-stage VCLate-stage VCSource:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,
50、2022Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Late-stage deal sizes much lower than in 2021Median enterprise tech VC deal value($M)by stageLate-stage investors are taking larger sharesMedian VC share acquired in enterprise tech companie
51、s by stageEarly-stage valuations chug higher Median enterprise tech VC pre-money valuation($M)by stageLate-stage step-ups still above 2x Median enterprise tech VC valuation step-ups by stage14Q3 2022 US VC VALUATIONS REPORTSponsored byCONSUMER TECHConsumer tech$0.3$0.3$2.3$2.5$7.3$8.0$14.0$10.3$0$2$
52、4$6$8$10$12$14$0002020212022*AngelSeedEarly-stage VCLate-stage VC15.0%14.0%26.4%24.2%21.7%21.6%16.7%17.9%0%5%10%15%20%25%30%20000212022*AngelSeedEarly-stage VCLate-stage VC$3.1$6.5$8.5$10.8$40.0$55.0$112.0$110.0$0$20$40$60$80$100$1202
53、0000212022*AngelSeedEarly-stage VCLate-stage VC1.0 x1.5x2.0 x2.5x3.0 x20000212022*Early-stage VCLate-stage VCSource:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Ge
54、ography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Early-and late-stage median deal sizes areconvergingMedian consumer tech VC deal value($M)by stageShare acquisitions plateau at early stageMedian VC share acquired in consumer tech companies by stageLate-stage val
55、uations lay flatMedian consumer tech VC pre-money valuation($M)by stageEarly-stage step-ups increase YoYMedian consumer tech VC valuation step-ups by stage15Q3 2022 US VC VALUATIONS REPORTSponsored byNONTRADITIONAL INVESTORSNontraditional investors$55.0$70.0$35.0$42.0$0$10$20$30$40$50$60$70$80201220
56、00022*Nontraditional investorNo nontraditional investor$170.0$150.0$40.0$42.8$0$20$40$60$80$100$120$140$160$20002020212022*Nontraditional investorNo nontraditional investorSource:PitchBook|Geography:US*As of September 30,2022Source:Pi
57、tchBook|Geography:US*As of September 30,2022Early-stage NTI deal valuations still up YoYMedian early-stage pre-money valuation($M)by investor typeMedian late-stage valuations of NTI deals fall in 2022Median late-stage pre-money valuation($M)by investor typeNontraditional investor participation data
58、provides a good view into the trends occurring within VC valuations because it shows the level of activity and deal value participation in the market from these institutions.Early-stage deals with nontraditional investor participation continue to see the median figure well above where it was in 2021
59、,while at the late stage,the median valuation receiving nontraditional investor participation has fallen by$20.0 million.This again illustrates the slowing market at the late stage and the impact that nontraditional investment has had on the venture market in recent years.In 2021,$271.6 billion in d
60、eal value was generated through deals with these institutions,more than had been invested into the entire venture market any year prior.Broadly,nontraditional investors have slowed activity in both deal count and deal value in 2022,as quarterly deal count has fallen more than 27%since Q1,and Q3 deal
61、 value participation fell roughly$44 billion from the high in 2021.This is a trend we expect to continue,especially since much of the potential returns for this group remain locked in highly valued companies facing a difficult path forward due to economic conditions.Corporate venture capital(CVC)has
62、 shown a somewhat different shift in strategy than the broader nontraditional investor group has.According to our Venture Monitor data,corporate VCs remain involved in more than 25%of all VC deals,which is in line with or higher than figures we have seen in recent years.One factor that changes CVC t
63、rends is that much of CVC investment occurs at the seed and early stage,two stages that have best weathered the downturn so far.For both investments,the median and average valuations of deals with CVC involvement have continued to grow in 2022.Early-stage deals with CVC participation have reached a
64、median size of almost$19 million and a valuation of more than$70 million in 2021,YoY increases of 22.9%and 33.6%,respectively.16Q3 2022 US VC VALUATIONS REPORTSponsored byNONTRADITIONAL INVESTORS02004006008001,0001,2001,4001,6001,800$0$10$20$30$40$50$60$70$80Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q
65、1Q2Q32002020212022*Deal value($B)Deal countSource:PitchBook|Geography:US*As of September 30,2022Nontraditional investor activity falling quicklyUS VC deal activity with nontraditional VC investor participation by quarterTop decileBottom decileMedianAverageTop and bottom quartile range$0$5
66、0$100$150$200$250$300$350$40020000212022*Top decileBottom decileMedianAverageTop and bottom quartile range$0$400$800$1,200$1,600$2,00020000212022*Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of
67、 September 30,2022Median early-stage NTI deal value reaches$18MEarly-stage VC deal value($M)dispersion with nontraditional investor participationTop-decline late-stage deal has declines of 25%YoYLate-stage VC deal value($M)dispersion with nontraditional investor participation 17Q3 2022 US VC VALUATI
68、ONS REPORTSponsored byLIQUIDITYLiquidityTop decileBottom decileMedianAverageTop and bottom quartile range$0$1,000$2,000$3,000$4,000$5,000$6,00020000212022*$0$100$200$300$400$500$600$70020000212022*Top decileBottom decileMedianAverageT
69、op and bottom quartile rangeSource:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Public listing valuations take a hit in 2022Valuation($M)at exit via public listing dispersion by yearSpread in acquisition price has stayed relativelyunchangedValuat
70、ion($M)at exit via acquisition dispersion by yearUnsurprisingly,VC exit valuations have suffered alongside the slow market in 2022.The median public listing exit valuation in 2022 declined to its lowest point in three years at$338.3 million,and the average has fallen below$2 billion for the first ye
71、ar since 2018.The huge tech exits that helped 2021 reach an unprecedented$781.5 billion in exit value have not been a part of the story in 2022.So far,just 43 public listings,consisting of IPOs and deSPAC transactions,have been completed,far below the 247 completed during 2021.The SPAC market,which
72、became a major piece of the exit market in 2020 and 2021,has fallen flat due to regulatory scrutiny,poor debt markets necessary for financing,and lagging interest from investors.The poor post-completion performance of companies after they deSPAC wont help to revive the market.The lone bright spot fo
73、r major exits in Q3 was the announced acquisition of Figma by Adobe.While there remain significant challenges before closing this deal,which will likely receive strong scrutiny from regulators,at$20.0 billion,the deal is$6.0 billion larger than the rest of the Q3 exits generated in value.The deal is
74、nt a precursor to increased exit activity,but if closed,it will be a win for the VC market.Valuation step-ups for exits have remained relatively strong,though that is little consolation for companies and investors that havent been able to find an exit pathway.The more concerning pieces of a slow exi
75、t market are the follow-on impacts,including low distributions to be recycled into the industry,and lagging performance from VC funds when they go back to the fundraising markets.18Q3 2022 US VC VALUATIONS REPORTSponsored byLIQUIDITY1.0 x1.2x1.4x1.6x1.8x2.0 x2.2x2000
76、0212022*AcquisitionPublic listing1.0 x1.2x1.4x1.6x1.8x2.0 x2.2xQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32002020212022*AcquisitionPublic listingSource:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Q3 median acquisition step-up remai
77、ns highAnnual median valuation step-up at exit by typeMedian step-up at exit plateausRolling four-quarter median step up at exit by type19Q3 2022 US VC VALUATIONS REPORTSponsored byDEAL TERMSDeal terms00708090100Q12017Q2Q3Q4Q12018Q2Q3Q4Q12019Q2Q3Q4Q12020Q2Q3Q4Q12021Q2Q3Q4Q12022*Q2Q3Early-
78、stage normalized smoothed indexLate-stage normalized smoothed indexStartup friendlyInvestor friendly16.7%18.7%0%5%10%15%20%25%30%20000212022*Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Markets becoming mor
79、e investor friendly fastVC Dealmaking Indicator by quarterCumulative dividends helping protect investorsDeals with cumulative dividends as share of all VC dealsOur VC Dealmaking Indicator shows that the US venture market has quickly turned back toward being investor friendly.While that methodology i
80、ncludes comparisons over time for capital availability,it also includes changes to deal terms.More structured equity deals in a tough environment are expected,particularly when compared with the loose nature of dealmaking in 2021.Cumulative dividends,those that must be paid,have increased,a change f
81、rom the trend seen over the past decade.This downside protection is just one of several expected to continue to show up in term sheets as the market moves back toward being investor friendly.Down rounds have been expected to come back in a major way,especially as public multiples have contracted lea
82、ving private companies exposed with valuations that dont represent their business metrics.Though data is low for Q3,initial data shows that down rounds have indeed increased quickly.On an annual basis,the percentage of down rounds remains low,but the quick shift in proportions indicates that investo
83、rs can expect down rounds to continue to pick up through the market slowdown.Though companies have alternative sources of capital,such as debt,that can extend runways without a priced round,this is generally reserved for strong underlying businesses.If the 20Q3 2022 US VC VALUATIONS REPORTSponsored
84、byDEAL TERMS7.03%6.99%6.7%6.8%6.9%7.0%7.1%7.2%7.3%7.4%7.5%7.6%20000212022*8.9%8.2%0%5%10%15%20%25%30%35%40%20000212022*Source:PitchBook|Geography:US*As of September 30,2022Source:PitchBook|Geography:US*As of September 30,2022Average d
85、ividend falls under 7%Average dividendParticipating shares still decline by proportionDeals with liquidation participation as a share of all VC dealsUpFlatDown0%10%20%30%40%50%60%70%80%90%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32002020212022*Source:PitchBook|Geography:US*As of S
86、eptember 30,2022Down rounds quickly shift toward increaseShare of VC deals by up,flat,or down rounds by quartereconomy falls into a recession,the economic pain inflicted on many companies should manifest in down roundsor outright failuresas debt will become less available.The growing group of unicor
87、ns seems especially prone to down rounds since comparable public companies have seen their market caps take swift drawdowns.Though layoffs can help extend runways too,eventually many unicorns will need to return to an equity raising market that is much less hospitable than the one in which they last
88、 raised capital.Additional researchCOPYRIGHT 2022 by PitchBook Data,Inc.All rights reserved.No part of this publication may be reproduced in any form or by any meansgraphic,electronic,or mechanical,including photocopying,recording,taping,and information storage and retrieval systemswithout the expre
89、ss written permission of PitchBook Data,Inc.Contents are based on information from sources believed to be reliable,but accuracy and completeness cannot be guaranteed.Nothing herein should be construed as any past,current or future recommendation to buy or sell any security or an offer to sell,or a s
90、olicitation of an offer to buy any security.This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.Venture capitalQ3 2022 PitchBook-NVCA Venture MonitorDownload the report hereAnalyst Note:Down Rounds,Impacts,and Exit OpportunitiesDownload the report hereAnalyst Note:Q3 2022 SPAC Market UpdateDownload the report hereAnalyst Note:Serial Entrepreneurs RaiseMore Capital,but at What Cost?Download the report hereMore research available at