The worth of startup shares is changing. The latest PitchBook data concerning the United States, for example, shows that the value of the median seed deal in 2022 through the second quarter was $12.0 million — up from $9.0 million in 2021. At the same time, median valuations set by early and late-stage startup rounds this year are also ticking higher.
Simultaneously, we’ve seen several well-known private giants trim or slash their valuations to get closer to new market norms. So which is more reflective of the market today: H1 2022 numbers compared to their year-ago comps or the high-impact repricings seen by Instacart, Klarna, and others?
Secondary data concerning the private markets helps harmonize somewhat dissonant data and recent news events.
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Per a recent report from Forge, a secondary market for startup shares, equity traded on its platform no longer commands a premium to the price at which startups last raised capital, a change from prior periods.
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