Tech

Valuations
Report
2022 recap
 Tech Valuations Report

Tech valuations reset in 2022,

tumbling from inflated highs.
Private tech valuations experienced a full-blown reset by Q4’22. Global late- and mid-stage
median valuations were down significantly from Q4’21, registering year-over-year declines
ranging from 24% to 50% as rising interest rates, public stock turmoil, and a stalling IPO
market caught up to private tech. One exception to the trend was early-stage startups.
While off their peak in Q2’22, seed and angel tech company valuations showed surprising
resilience, coming in at 3% above Q4’21’s levels.

Median valuations How the Q4’22 and Q4’21

valuations compare
$ 18 .0 M $18.0M
$ 16 .0 M
$ 14 .0 M
$16.0M
$14.0M
$12.2M $12.6M
$ 12 .0 M $12.0M

+3%
$ 10 .0 M $10.0M

Seed/Angel
$ 8.0 M $8.0M
$ 6.0 M $6.0M
$ 4.0 M
$ 2.0 M
$11.6M $14.4M $4.0M
$2.0M $14.4M $16.2M $14.7M
$ 0.0 M $0.0M

2021 2022 2021 2022 2022 2022 2022

Q4 Q1 Q2 Q3 Q4
$ 90 .0 M $90.0M
$ 80 .0 M
$ 70 .0 M
$80.0M
$70.0M
$60.7M $57.7M
$ 60 .0 M $60.0M
$ 50 .0 M
$ 40 .0 M
$ 30 .0 M
$50.0M
$40.0M
$30.0M
Series A -5%
$ 20 .0 M
$ 10 .0 M
$54.2M $63.4M $20.0M
$10.0M $70.7M $63.4M $64.4M
$ 0.0 M $0.0M

2021 2022 2021 2022 2022 2022 2022

Q4 Q1 Q2 Q3 Q4

$224.8M
$ 30 0 .0M $300.0M
$ 25 0 .0M $250.0M
$ 20 0 .0M $200.0M
$137.1M
$ 15 0 .0M

$ 10 0 .0M
$150.0M

$100.0M
Series B -39%
$ 50 .0 M $192.8M $200.0M $50.0M $241.2M $205.0M $183.8M
$ 0.0 M $0.0M

2021 2022 2021 2022 2022 2022 2022

Q4 Q1 Q2 Q3 Q4

$ 80 0 .0M $800.0M $684.2M

$ 70 0 .0M $700.0M
$ 60 0 .0M $600.0M
$ 50 0 .0M $500.0M $339.3M
$ 40 0 .0M

$ 30 0 .0M
$400.0M
$300.0M Series C -50%
$567.1M $517.6M $592.0M $674.2M $400.0M
$ 20 0 .0M $200.0M
$ 10 0 .0M $100.0M
$ 0.0 M $0.0M

2021 2022 2021 2022 2022 2022 2022

Q4 Q1 Q2 Q3 Q4

$1 ,8 00 .0 M
$1.7B
$1.3B
$ 1, 8 00 .0M
$1 ,6 00 .0 M
$ 1, 6 00 .0M
$1 ,4 00 .0 M $ 1, 4 00 .0M
$1 ,2 00 .0 M
$ 1, 2 00 .0M

-24%
$1 ,0 00 .0 M $ 1, 0 00 .0M
$8 00 .0 M
$6 00 .0 M
$ 80 0 .0M
$ 60 0 .0M
Series D+
$4 00 .0 M
$2 00 .0 M
$1.6B $1.4B $ 40 0 .0M
$ 20 0 .0M
$1.5B $1.5B $1.2B
$0 .0 M $ 0.0 M

2021 2022 2021 2022 2022 2022 2022

Q4 Q1 Q2 Q3 Q4

2
 Tech Valuations Report

Late-stage investors secure

more payout protection and
scale back dealmaking.
Last year, late-stage investors (Series D+) moved to retain power over liquidation
preferences in an environment where far less capital chased fewer deals. In the US, 44% of
late-stage deals in 2022 (and 50% in Q4’22) were negotiated with seniority or tiered payout
structures — rising from the norm set over the previous two years. Global late-stage deal
volume in 2022 fell 36% year-over-year, retreating to levels seen in 2019 and 2020.

US late-stage liquidation structure

1 00 %

9 0%

8 0%

50.5% Pari passu

56.0%
7 0%

64.7% 64.9%
6 0%

5 0%

4 0%

3 0%

Senior or
tiered
+8.9
2 0%
percentage points
44.0% YoY
1 0%

49.5% 35.4% 35.1%

0%

2019 2020 2021 2022

Pari passu: an arrangement whereby, in the event of an exit, investors across all deal stages share proceeds pro rata to the amount of
capital committed

Global late-stage deal volume

1 20 0 1,105
1 00 0

695
706
deals
-36%
8 00 669 YoY
6 00

4 00

2 00

2019 2020 2021 2022

.

3
Tech Valuations Report

Contents

Seed/Angel 5
Series A 8
Series B 12
Series C 15
Series D+ 18
Methodology 21

About this report

This report will help you understand private market technology
company valuations based on CB Insights valuation data. We define
“technology companies” as businesses that primarily generate
revenue from proprietary and/or differentiated software, hardware,
or platforms. This report will help you see:
• Technology valuation trends over time by stage and where
there is relative strength and weakness
• Where technology valuations today stand relative to
historical technology valuation benchmarks
• Protective provisions on US deals and whether they’re
increasing or decreasing over time

4
Seed/Angel

Global median valuations

Q4’22 2022
Round
Q3’22 Q4’22 vs. 2021 2022 vs.
Size
Q3’22 2021

<$2.5M $8.2M $6.0M -27% $6.5M $7.3M +12%

$2.5-5M $15.9M $13.4M -16% $13.3M $15.4M +16%

$5-7.5M $20.8M $17.4M -16% $19.8M $21.9M +11%

$7.5M+ $48.9M $40.0M -18% $49.8M $49.3M -1%

5
Tech Valuations Report | Seed/Angel GLOBAL

Seed/angel funding and valuations

13,225 13,092 2022 total
70
, 00
1 4, 0 00
9,465 60
, 00
3,706 13,092 deals
1 2, 0 00

1 0, 0 00
50
, 00 3,465 3,184 2,737
40
, 00
80
, 00

-1% from 2021

Deal volume
30
, 00
60
, 00

40
, 00 20
, 00

20
, 00 10
, 00 +38% from 2020
0 0

2020 2021 2022 2022 2022 2022 2022

. Q1 Q2 Q3 Q4

Q4’22 2022
$ 2.0 M
$2. 0M $1.6M vs. vs.
Q3’22 2021
$ 1.8 M $1. 8M
$ 1.6 M $1. 6M
$ 1.4 M $1. 4M

Median
$ 1.2 M $1. 2M
$ 1.0 M $1. 0M
$ 0.8 M $0. 8M
deal size $ 0.6 M $0. 6M
$ 0.4 M
$1.0M $1.4M $1.7M $0. 4M $1.8M $1.8M $1.5M
+7% +21%
$ 0.2 M $0. 2M
$ 0.0 M $0. 0M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$3.0M
$ 4.0 M
$4. 0M
$ 3.5 M $3. 5M
$ 3.0 M $3. 0M
$ 2.5 M $2. 5M
Average $ 2.0 M $2. 0M
-3% +17%
$1. 5M
deal size
$ 1.5 M

$2.0M $2.9M $3.4M $1. 0M

$3.9M $3.3M $3.1M
$ 1.0 M

$ 0.5 M $0. 5M
$ 0.0 M $0. 0M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$ 18 .0 M $18.0M
$ 16 .0 M
$ 14 .0 M
$16.0M
$14.0M
$12.6M
$ 12 .0 M $12.0M
Median $ 10 .0 M $10.0M
$ 8.0 M $8.0M
-14% +24%
valuation $ 6.0 M $6.0M
$ 4.0 M
$ 2.0 M
$9.3M $11.6M $14.4M $4.0M
$2.0M $14.4M $16.2M $14.7M
$ 0.0 M $0.0M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$ 90 .0 M
$90 .0M
$ 80 .0 M $80 .0M
$ 70 .0 M $70 .0M

$35.8M
$ 60 .0 M $60 .0M
Average $ 50 .0 M $50 .0M
$ 40 .0 M
$17.0M $40 .0M
-18% +11%
valuation $ 30 .0 M $30 .0M
$ 20 .0 M
$ 10 .0 M
$49.5M $54.9M $20 .0M
$10 .0M
$77.9M $58.5M $43.9M
$ 0.0 M $0. 0M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

Median 1 80 %
1 60 %
180 %
160 %
change in 1 40 %
1 20 %
140 %

65%
120 %
valuation 1 00 % 100 %
8 0% 80%
-62% +43%
from 6 0% 60%
4 0%
70% 105% 150% 40%
150% 125% 170%
previous 2 0%
%
20%
0%

round 2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

6
Tech Valuations Report | Seed/Angel US

Seed/angel deal trends

8.1% 5.9% 4.7% 4.2% 4.6% 5.5% All others
4.3%
1 00 % 1 00 %
9 0% 9 0%
8 0% 8 0%

Liquidation Pari passu

7 0% 7 0%
6 0% 6 0%
5 0% 5 0%

seniority 4 0%
3 0%
4 0%
3 0%
95.7%
structure 2 0%
1 0%
91.9% 94.1% 95.4% 2 0%
1 0%
95.8% 95.4% 94.5%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

0.0% 0.3% 0.1% 0.0% 0.0% 0.0% >2x, 0.5%

0.5% 0.5% 0.2% 0.0% 0.5% 0.5% >1x, 0.0%
1 00 % 1 00 %

1x, 99.5%
9 0% 9 0%

Liquidation 8 0%
7 0%
6 0%
8 0%
7 0%
6 0%

preference 5 0%
4 0%
5 0%
4 0%

multiple
3 0%
99.5% 99.2% 99.6%
3 0%
2 0%
1 0%
2 0%
1 0%
100.0% 99.5% 99.5%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

2.8% 3.4% 1.9% 2.5% 0.9% 1.5% Capped or full

participation
1 00 % 1 00 %
9 0% 9 0%

2.7%
8 0% 8 0%

Liquidation
7 0% 7 0%
6 0% 6 0%

participation
5 0%
4 0%
3 0%
5 0%
4 0% No participation
3 0%

rights 2 0%
1 0%
97.2% 96.6% 98.1% 2 0%
1 0%
97.5% 99.1% 98.5% 97.3%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

0.2% 0.0% 0.0% 0.0% 0.0% 0.0% Full ratchet

0.0%
1 00 % 1 00 %
9 0% 9 0%
8 0% 8 0%

Weighted average
7 0% 7 0%

Antidilution
6 0% 6 0%
5 0% 5 0%

provisions
4 0%
3 0%
4 0%
3 0% 100.0%
2 0%
1 0%
99.8% 100.0% 100.0% 2 0%
1 0%
100.0% 100.0% 100.0%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

1 00 %
8.3% 6.6% 6.0% 1 00 %
9.5% 5.1% 5.3% Cumulative
9 0%
8 0%
9 0%
8 0%
8.3%
7 0% 7 0%

Dividend 6 0%
5 0%
6 0%
5 0% Non-cumulative
structure 91.7%
4 0% 4 0%
3 0% 3 0%
2 0%
1 0%
91.7% 93.4% 94.0% 2 0%
1 0%
90.5% 94.9% 94.7%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

80
. %
7.0% 6.7% 7.0% 7.0% 6.9% 7.0% 6.9%
80
. %
70
. %
70
. %
60
. %
60
. %

Average
50
. %
50
. %
40
. % 40
. %

dividend rate
30
. % 30
. %
20
. % 20
. %
10
. % 10
. %
00
. % 00
. %

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

7
Series A

Global median valuations

Q4’22 2022
Round
Q3’22 Q4’22 vs. 2021 2022 vs.
Size
Q3’22 2021

<$10M $33.0M $30.2M -8% $28.8M $32.8M +14%

$10-15M $45.2M $44.9M -1% $45.1M $45.9M +2%

$15-25M $90.0M $75.2M -16% $72.6M $80.9M +11%

$25M+ $245.0M $153.0M -38% $165.2M $204.8M +24%

8
Tech Valuations Report | Series A GLOBAL

Series A funding and valuations

5,041 4,873 2022 total
30
, 00
60
, 00

3,618 4,873 deals

1,458
25
, 00

1,340
50
, 00

40
, 00

30
, 00
20
, 00

15
, 00
1,068 1,007
-3% from 2021
Deal volume 20
, 00 10
, 00

10
, 00 5 00
+35% from 2020
0 0

2020 2021 2022 2022 2022 2022 2022

. Q1 Q2 Q3 Q4

Q4’22 2022
$ 12 .0 M
$12 .0M $10.0M vs. vs.
$ 10 .0 M $10 .0M Q3’22 2021
$ 8.0 M $8. 0M
Median $ 6.0 M $6. 0M

deal size $ 4.0 M $4. 0M

$ 2.0 M $7.0M $10.0M $10.4M $2. 0M $11.0M $11.0M $10.1M
$ 0.0 M $0. 0M -1% +4%
2020 2021 2022 2022 2022 2022 2022
Q1 Q2 Q3 Q4

$ 20 .0 M
$ 18 .0 M
$20 .0M $16.6M
$18 .0M
$ 16 .0 M $16 .0M
$ 14 .0 M $14 .0M

Average
$ 12 .0 M $12 .0M

-7% -1%
$ 10 .0 M $10 .0M
$ 8.0 M $8. 0M
deal size $ 6.0 M $6. 0M
$ 4.0 M
$ 2.0 M
$13.9M $16.9M $16.8M $4. 0M
$2. 0M
$16.6M $16.5M $17.8M
$ 0.0 M $0. 0M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$57.7M
$ 80 .0 M $80.0M
$ 70 .0 M $70.0M
$ 60 .0 M $60.0M

Median
$ 50 .0 M $50.0M
$40.0M
-10% +17%
$ 40 .0 M

valuation $30.0M
$ 30 .0 M

$37.8M $54.2M $63.4M $70.7M $63.4M $64.4M

$ 20 .0 M $20.0M
$ 10 .0 M $10.0M
$ 0.0 M $0.0M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$ 20 0 .0M
$ 18 0 .0M $ 25 0 .0M
$ 16 0 .0M
$ 14 0 .0M $ 20 0 .0M

Average
$ 12 0 .0M
$ 15 0 .0M $100.8M
-38% +8%
$ 10 0 .0M
$ 80 .0 M

valuation $ 60 .0 M
$ 10 0 .0M

$ 40 .0 M
$ 20 .0 M
$111.4M $149.9M $161.7M $ 50 .0 M $160.0M $191.5M $162.0M
$ 0.0 M $ 0.0 M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

Median 3 50 % 350%
300%
change in
3 00 %

250%
155%
2 50 %

valuation 2 00 % 200%
1 50 % 150% +29% -14%
from 1 00 % 100%
130% 290% 250% 50% 280% 305% 120%
previous 5 0%

% 0%
round 2020 2021 2022 2022 2022 2022 2022
Q1 Q2 Q3 Q4

9
Tech Valuations Report | Series A US

Series A deal trends

21.5% 13.3% 11.7% 13.1% 11.4% 11.7% All others
9.6%
1 00 % 1 00 %
9 0% 9 0%
8 0% 8 0%

Liquidation Pari passu

7 0% 7 0%
6 0% 6 0%
5 0% 5 0%

seniority 4 0%
3 0%
4 0%
3 0%
90.4%
structure 2 0%
1 0%
78.6% 86.7% 88.3% 2 0%
1 0%
86.9% 88.6% 88.4%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

0.2% 0.2% 0.0% 0.0% 0.0% 0.0% >2x, 0.0%

1 00 %
1.9% 0.9% 1.3% 1 00 %
1.5% 0.8% 1.9% >1x, 0.7%
1x, 99.3%
9 0% 9 0%

Liquidation 8 0%
7 0%
6 0%
8 0%
7 0%
6 0%

preference 5 0%
4 0%
5 0%
4 0%

multiple
3 0%
97.8% 98.9% 98.7%
3 0%
2 0%
1 0%
2 0%
1 0%
98.5% 99.2% 98.1%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

6.9% 4.7% 3.7% 5.0% 2.0% 4.8% Capped or full

participation
1 00 % 1 00 %
9 0% 9 0%

2.2%
8 0% 8 0%

Liquidation
7 0% 7 0%
6 0% 6 0%

participation
5 0%
4 0%
5 0%
4 0% No participation
3 0% 3 0%

rights 2 0%
1 0%
93.1% 95.3% 96.3% 2 0%
1 0%
95.0% 98.0% 95.2% 97.8%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

0.0% 0.2% 0.0% 0.0% 0.0% 0.0% Full ratchet

0.0%
1 00 % 1 00 %
9 0% 9 0%
8 0% 8 0%

Weighted average
7 0% 7 0%

Antidilution
6 0% 6 0%
5 0% 5 0%

provisions
4 0%
3 0%
4 0%
3 0% 100.0%
2 0%
1 0%
100.0% 99.8% 100.0% 2 0%
1 0%
100.0% 100.0% 100.0%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

12.3% 9.7% 10.8% 10.2% 7.4% 13.0% Cumulative

1 00 % 1 00 %
9 0%
8 0%
9 0%
8 0% 15.2%
7 0% 7 0%

Dividend Non-cumulative
6 0% 6 0%
5 0% 5 0%

structure
4 0% 4 0%
3 0%

87.7% 90.3% 89.2%

3 0%

89.8% 87.0%
84.9%
2 0%
1 0%
2 0%
1 0%
92.6%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

80
. %
7.1% 7.0% 7.0% 80
. %
7.1% 6.8% 7.0% 7.0%
70
. %
70
. %
60
. %
60
. %

Average
50
. %
50
. %
40
. % 40
. %

dividend rate
30
. % 30
. %
20
. % 20
. %
10
. % 10
. %
00
. % 00
. %

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

10
Get more
valuation data
in just 2 clicks.
▮▮▮▮III
Sign
Sign up
up for
for aa free
free trial
trial

Build financial models, analyze comps, and

research private companies with confidence.
Discover why CB Insights is the only platform
you need to evaluate companies.

CB Insights helps the world's leading companies

make the right acquisition, partnership,
investment, and vendor decisions. Every time.

11
Series B

Global median valuations

Q4’22 2022
Round
Q3’22 Q4’22 vs. 2021 2022 vs.
Size
Q3’22 2021

<$25M $120.0M $70.6M -41% $75.9M $85.9M +13%

$25-50M $144.9M $159.3M +10% $182.8M $172.2M -6%

$50M+ $519.4M $500.0M -4% $570.0M $500.0M -12%

12
Tech Valuations Report | Series B GLOBAL

Series B funding and valuations

2,691 2022 total
30
, 00 2,231
1,809 2,231 deals
14
, 00

709
25
, 00 12
, 00

629
436
10
, 00

457
20
, 00
8 00
15
, 00
-17% from 2021
Deal volume 10
, 00
6 00

4 00
5 00
2 00 +23% from 2020
0 0

2020 2021 2022 2022 2022 2022 2022

. Q1 Q2 Q3 Q4

Q4’22 2022
$ 30 .0 M $30.0M vs. vs.
$ 25 .0 M $25.0M $19.4M Q3’22 2021
$ 20 .0 M $20.0M

Median $ 15 .0 M $15.0M

deal size $ 10 .0 M $10.0M

$ 5.0 M $15.0M $25.0M $24.4M $5.0M $26.0M $26.0M $20.1M

$ 0.0 M $0.0M -3% -2%
2020 2021 2022 2022 2022 2022 2022
Q1 Q2 Q3 Q4

$ 45 .0 M $45.0M
$40.0M
$27.9M
$ 40 .0 M
$ 35 .0 M $35.0M
$ 30 .0 M $30.0M

Average $ 25 .0 M
$ 20 .0 M
$25.0M
$20.0M
-9% -16%
deal size $ 15 .0 M $15.0M
$ 10 .0 M
$ 5.0 M
$24.9M $41.3M $34.5M $10.0M
$5.0M $38.1M $37.1M $30.8M
$ 0.0 M $0.0M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$ 30 0 .0M $ 30 0 .0M

$ 25 0 .0M $ 25 0 .0M

Median
$ 20 0 .0M $ 20 0 .0M
$137.1M
-25% +4%
$ 15 0 .0M $ 15 0 .0M

valuation $ 10 0 .0M $ 10 0 .0M

$ 50 .0 M $109.3M $192.8M $200.0M $ 50 .0 M $241.2M $205.0M $183.8M

$ 0.0 M $ 0.0 M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$ 50 0 .0M $ 50 0 .0M
$ 45 0 .0M $ 45 0 .0M
$ 40 0 .0M
$ 35 0 .0M
$ 40 0 .0M
$ 35 0 .0M $274.9M
Average
$ 30 0 .0M $ 30 0 .0M

-24% -20%
$ 25 0 .0M $ 25 0 .0M
$ 20 0 .0M

valuation
$ 20 0 .0M
$ 15 0 .0M $ 15 0 .0M
$ 10 0 .0M
$ 50 .0 M
$296.0M $458.2M $364.7M $ 10 0 .0M
$ 50 .0 M
$440.8M $331.6M $359.4M
$ 0.0 M $ 0.0 M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

Median 3 50 %
350 %

change in
3 00 % 300 %
2 50 %

145%
250 %

valuation 2 00 % 200 %
1 50 % 150 % -31% -11%
from 1 00 % 100 %
135% 270% 240% 270% 325% 210%
previous 5 0%

%
50%
0%

round 2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

13
Tech Valuations Report | Series B US

Series B deal trends

27.9% 25.8% 23.6% 21.2% 22.2% 21.2% All others
32.9%
1 00 % 1 00 %
9 0% 9 0%
8 0% 8 0%

Liquidation Pari passu

7 0% 7 0%
6 0% 6 0%
5 0% 5 0%

seniority 4 0%
3 0%
4 0%
3 0% 67.1%
structure 2 0%
1 0%
72.1% 74.2% 76.4% 2 0%
1 0%
78.8% 77.8% 78.8%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

0.2% 0.3% 0.2% 0.0% 0.0% 0.0% >2x, 1.3%

1 00 %
3.0% 1.3% 2.0% 1 00 %
0.7% 2.2% 4.6% >1x, 1.3%
1x, 97.5%
9 0% 9 0%

Liquidation 8 0%
7 0%
6 0%
8 0%
7 0%
6 0%

preference 5 0%
4 0%
5 0%
4 0%

multiple
3 0%
96.8% 98.4% 97.8%
3 0%
2 0%
1 0%
2 0%
1 0%
99.3% 97.8% 95.4%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

6.4% 5.7% 4.0% 3.4% 1.5% 3.5% Capped or full

participation
1 00 % 1 00 %
9 0% 9 0%

10.1%
8 0% 8 0%

Liquidation
7 0% 7 0%
6 0% 6 0%

participation
5 0%
4 0%
3 0%
5 0%
4 0% No participation
3 0%

rights 2 0%
1 0%
93.6% 94.3% 96.0% 2 0%
1 0%
96.6% 98.5% 96.6% 89.9%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

0.5% 0.0% 0.0% 0.0% 0.0% 0.0% Full ratchet

0.0%
1 00 % 1 00 %
9 0% 9 0%
8 0% 8 0%

Weighted average
7 0% 7 0%

Antidilution
6 0% 6 0%
5 0% 5 0%

provisions
4 0%
3 0%
4 0%
3 0% 100.0%
2 0%
1 0%
99.6% 100.0% 100.0% 2 0%
1 0%
100.0% 100.0% 100.0%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

1 00 %
12.9% 9.1% 12.6% 1 00 %
8.1% 13.0% 13.7% Cumulative
9 0%
8 0%
9 0%
8 0%
7 0%
18.2%
7 0%

Dividend Non-cumulative
6 0% 6 0%
5 0% 5 0%

structure
4 0% 4 0%
3 0%
2 0%
87.1% 90.9% 87.4%
3 0%
2 0%
91.9% 87.0% 86.3% 81.8%
1 0% 1 0%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

80
. %
7.3% 7.0% 7.0% 7.0% 7.2% 6.8% 7.1%
80
. %
70
. %
70
. %
60
. %
60
. %

Average
50
. %
50
. %
40
. % 40
. %

dividend rate
30
. % 30
. %
20
. % 20
. %
10
. % 10
. %
00
. % 00
. %

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

14
Series C

Global median valuations

Q4’22 2022
Round
Q3’22 Q4’22 vs. 2021 2022 vs.
Size
Q3’22 2021

<$55M $239.6M $212.3M -11% $217.4M $220.4M +1%

$55M+ $800M $1,000.0M +25% $1,000.0M $1,000.0M 0%

15
Tech Valuations Report | Series C GLOBAL

Series C funding and valuations

1,339 2022 total
1,049 7 00
1,049 deals
877
14
, 00
6 00

320
12
, 00
5 00
299
226 204
10
, 00

8 00 4 00

-22% from 2021

Deal volume 6 00

4 00
3 00

2 00

2 00 1 00 +20% from 2020

0 0

2020 2021 2022 2022 2022 2022 2022

. Q1 Q2 Q3 Q4

Q4’22 2022
$ 70 .0 M $70.0M vs. vs.
$ 60 .0 M $60.0M Q3’22 2021
$ 50 .0 M $50.0M

Median $ 40 .0 M $40.0M $29.1M

$ 30 .0 M $30.0M

deal size $ 20 .0 M $20.0M

$ 10 .0 M $30.3M $50.0M $44.0M $10.0M $60.0M $50.0M $25.5M
$ 0.0 M $0.0M +14% -12%
2020 2021 2022 2022 2022 2022 2022
Q1 Q2 Q3 Q4

$ 90 .0 M $90.0M
$ 80 .0 M $80.0M
$ 70 .0 M
$ 60 .0 M
$70.0M
$60.0M
$53.2M
Average $ 50 .0 M
$ 40 .0 M
$50.0M
$40.0M
+25% -17%
deal size $ 30 .0 M $30.0M
$ 20 .0 M
$ 10 .0 M
$54.0M $77.6M $64.3M $20.0M
$10.0M $76.7M $71.2M $42.5M
$ 0.0 M $0.0M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$ 70 0 .0M $ 70 0 .0M
$ 60 0 .0M $ 60 0 .0M

$ 50 0 .0M $ 50 0 .0M
$339.3M
Median $ 40 0 .0M $ 40 0 .0M

$ 30 0 .0M $ 30 0 .0M -15% -9%

valuation $ 20 0 .0M $ 20 0 .0M

$ 10 0 .0M $283.0M $567.1M $517.6M $ 10 0 .0M $592.0M $674.2M $400.0M

$ 0.0 M $ 0.0 M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$ 1, 8 00 .0M $ 1, 8 00 .0M
$ 1, 6 00 .0M $ 1, 6 00 .0M
$ 1, 4 00 .0M $ 1, 4 00 .0M
$ 1, 2 00 .0M $ 1, 2 00 .0M

Average $ 1, 0 00 .0M $ 1, 0 00 .0M

$488.4M
$ 80 0 .0M $ 80 0 .0M
-24% +18%
valuation $ 60 0 .0M $ 60 0 .0M
$ 40 0 .0M
$ 20 0 .0M
$597.7M $928.1M $1,098.4M $ 40 0 .0M
$ 20 0 .0M
$1,556.4M $905.3M $638.6M
$ 0.0 M $ 0.0 M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

Median 2 50 %
250 %

change in 2 00 % 200 %

valuation 1 50 % 150 %
90%
-14% -38%
from
1 00 % 100 %

5 0%
120% 240% 150% 50% 200% 160% 105%
previous % 0%

round 2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

16
Tech Valuations Report | Series C US

Series C deal trends

37.1% 29.9% 33.0% 27.5% 34.5% 45.5% All others
30.4%
1 00 % 1 00 %
9 0% 9 0%
8 0% 8 0%

Liquidation Pari passu

7 0% 7 0%
6 0% 6 0%
5 0% 5 0%

seniority 4 0%
3 0%
4 0%
3 0% 69.6%
structure 2 0%
1 0%
63.0% 70.1% 67.0% 2 0%
1 0%
72.5% 65.5% 54.6%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

0.4% 0.3% 0.5% 1.3% 0.0% 0.0% >2x, 0.0%

1 00 %
2.6% 2.1% 3.6% 1 00 %
3.8% 5.2% 0.0% >1x, 4.4%
9 0% 9 0%

Liquidation 8 0%
7 0%
8 0%
7 0% 1x, 95.7%
6 0% 6 0%

preference 5 0%
4 0%
5 0%
4 0%

multiple
3 0%
96.9% 97.6% 95.9%
3 0%
2 0%
1 0%
2 0%
1 0%
95.0% 94.8% 100.0%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

5.2% 4.7% 6.2% 5.0% 6.9% 6.1% Capped or full

participation
1 00 % 1 00 %
9 0% 9 0%

8.7%
8 0% 8 0%

Liquidation
7 0% 7 0%
6 0% 6 0%

participation
5 0%
4 0%
5 0%
4 0% No participation
91.3%
3 0% 3 0%

rights 2 0%
1 0%
94.8% 95.3% 93.8% 2 0%
1 0%
95.0% 93.1% 93.9%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

0.4% 0.0% 0.0% 0.0% 0.0% 0.0% Full ratchet

0.0%
1 00 % 1 00 %
9 0% 9 0%
8 0% 8 0%

Weighted average
7 0% 7 0%

Antidilution
6 0% 6 0%
5 0% 5 0%

provisions
4 0%
3 0%
4 0%
3 0% 100.0%
2 0%
1 0%
99.6% 100.0% 100.0% 2 0%
1 0%
100.0% 100.0% 100.0%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

1 00 %
13.9% 8.5% 12.3% 1 00 %
7.7% 14.6% 16.7% Cumulative
9 0%
8 0%
9 0%
8 0%
7 0%
18.2%
7 0%

Dividend Non-cumulative
6 0% 6 0%
5 0% 5 0%

structure
4 0% 4 0%
3 0%
2 0%
86.1% 91.5% 87.7%
3 0%
2 0%
92.3% 85.4% 83.3% 81.8%
1 0% 1 0%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

80
. %
7.1% 7.2% 7.2% 7.3% 7.0% 7.3% 6.8%
80
. %
70
. %
70
. %
60
. %
60
. %

Average
50
. %
50
. %
40
. % 40
. %

dividend rate
30
. % 30
. %
20
. % 20
. %
10
. % 10
. %
00
. % 00
. %

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

17
Series D+

Global median valuations

Q4’22 2022
Round
Q3’22 Q4’22 vs. 2021 2022 vs.
Size
Q3’22 2021

<$100M $474.7M $900.0M +90% $659.1M $700.0M +6%

$100M+ $2,000.0M $1,765.7M -12% $2,100.0M $2,000.0M -5%

18
Tech Valuations Report | Series D+ GLOBAL

Series D+ funding and valuations

1,105 2022 total
6 00
12
, 00

695 706 5 00 706 deals

245
10
, 00

196
4 00

126
8 00

6 00
3 00
139 -36% from 2021
Deal volume 4 00
2 00

2 00 1 00
+2% from 2020
0 0

2020 2021 2022 2022 2022 2022 2022

. Q1 Q2 Q3 Q4

Q4’22 2022
$ 14 0 .0M $ 14 0 .0M vs. vs.
$ 12 0 .0M $ 12 0 .0M Q3’22 2021
$ 10 0 .0M $ 10 0 .0M

Median $ 80 .0 M

$ 60 .0 M
$ 80 .0 M

$ 60 .0 M
$50.0M
deal size $ 40 .0 M $ 40 .0 M

$ 20 .0 M $61.1M $110.0M $80.0M $ 20 .0 M $114.4M $100.0M $46.8M

$ 0.0 M $ 0.0 M +7% -27%
2020 2021 2022 2022 2022 2022 2022
Q1 Q2 Q3 Q4

$ 25 0 .0M $ 25 0 .0M

$ 20 0 .0M $ 20 0 .0M

Average $76.8M
$ 15 0 .0M $ 15 0 .0M

$ 10 0 .0M $ 10 0 .0M -11% -27%

deal size $ 50 .0 M
$115.6M $166.4M $120.9M $ 50 .0 M
$160.1M $121.6M $86.3M
$ 0.0 M $ 0.0 M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$ 1, 8 00 .0M

$1.3B
$ 1, 8 00 .0M
$ 1, 6 00 .0M $ 1, 6 00 .0M
$ 1, 4 00 .0M $ 1, 4 00 .0M
$ 1, 2 00 .0M $ 1, 2 00 .0M

Median $ 1, 0 00 .0M $ 1, 0 00 .0M

$ 80 0 .0M $ 80 0 .0M
+8% -13%
valuation $ 60 0 .0M $ 60 0 .0M
$ 40 0 .0M
$ 20 0 .0M
$1.0B $1.6B $1.4B $ 40 0 .0M
$ 20 0 .0M
$1.5B $1.5B $1.2B
$ 0.0 M $ 0.0 M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

$ 3, 5 00 .0M $ 3, 5 00 .0M

$ 3, 0 00 .0M

$ 2, 5 00 .0M
$ 3, 0 00 .0M

$ 2, 5 00 .0M
$2.1B
Average $ 2, 0 00 .0M $ 2, 0 00 .0M

$ 1, 5 00 .0M $ 1, 5 00 .0M
-5% -19%
valuation $ 1, 0 00 .0M

$2.4B $3.2B $2.6B $3.0B $2.5B $2.2B

$ 1, 0 00 .0M

$ 50 0 .0M $ 50 0 .0M

$ 0.0 M $ 0.0 M

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

Median 1 60 %
160 %
1 40 %

change in
140 %
1 20 % 120 %

valuation
1 00 % 100 %

-63% -29%
8 0% 80%

from
6 0% 60% 30%
70% 140% 100% 40%
150% 100% 80%
4 0%

previous 2 0%

%
20%
0%

round 2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

19
Tech Valuations Report | Series D+ US

Series D+ deal trends

35.4% 35.1% 44.0% 1 00 %
42.9% 44.2% 43.5% All others
1 00 %
9 0%
8 0%
9 0%
8 0%
50.0%
Liquidation
7 0% 7 0%
6 0%
5 0%
6 0%
5 0%
Pari passu
seniority 4 0%
3 0%
4 0%
3 0% 50.0%
structure 2 0%
1 0%
64.7% 64.9% 56.0% 2 0%
1 0%
57.1% 55.8% 56.5%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

0.9% 0.3% 0.7% 0.0% 2.3% 0.0% >2x, 0.0%

1 00 %
3.7% 3.1% 5.0% 1 00 %
4.8% 2.3% 4.4% >1x, 16.7%
9 0% 9 0%

Liquidation 8 0%
7 0%
6 0%
8 0%
7 0% 1x, 83.3%
6 0%

preference 5 0%
4 0%
5 0%
4 0%

multiple
3 0%
95.4% 96.6% 94.3%
3 0%
2 0%
1 0%
2 0%
1 0%
95.2% 95.4% 95.7%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

3.7% 4.7% 5.7% 3.2% 7.0% 13.0% Capped or full

participation
1 00 % 1 00 %
9 0% 9 0%

0.0%
8 0% 8 0%

Liquidation
7 0% 7 0%
6 0% 6 0%

participation
5 0%
4 0%
3 0%
5 0%
4 0%
3 0%
No participation
rights 2 0%
1 0%
96.4% 95.3% 94.3% 2 0%
1 0%
96.8% 93.0% 87.0% 100.0%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

0.5% 0.0% 0.0% 0.0% 0.0% 0.0% Full ratchet

0.0%
1 00 % 1 00 %
9 0% 9 0%
8 0% 8 0%

Weighted average
7 0% 7 0%

Antidilution
6 0% 6 0%
5 0% 5 0%

provisions
4 0%
3 0%
4 0%
3 0% 100.0%
2 0%
1 0%
99.5% 100.0% 100.0% 2 0%
1 0%
100.0% 100.0% 100.0%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

7.7% 9.2% 12.7% 12.2% 16.7% 0.0%

1 00 % 1 00 %
9 0%
Cumulative
27.3%
9 0%
8 0% 8 0%
7 0% 7 0%

Dividend 6 0% 6 0%
5 0% 5 0%
Non-cumulative
structure
4 0% 4 0%

72.7%
3 0% 3 0%
2 0%
1 0%
92.4% 90.8% 87.3% 2 0%
1 0%
87.8% 83.3% 100.0%
0% 0%

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

80
. %
7.4% 7.3% 7.1% 6.9% 7.0% 7.5% 7.6%
80
. %
70
. %
70
. %
60
. %
60
. %

Average
50
. %
50
. %
40
. % 40
. %

dividend rate
30
. % 30
. %
20
. % 20
. %
10
. % 10
. %
00
. % 00
. %

2020 2021 2022 2022 2022 2022 2022

Q1 Q2 Q3 Q4

20
Tech Valuations Report
If you have questions about the definitions
or methodological principles used, or if you feel
that your firm has been underrepresented,
please reach out to info@cbinsights.com.
What is included:
Equity financings into private technology companies only.
Technology companies are generally defined as
businesses that primarily generate revenue from
proprietary and/or differentiated software, hardware, or
technology-driven platforms.
Only includes the investment made in the quarter
for tranched investments. If a company does a second
closing of its Series B round for $5M and previously had
closed $2M in a prior quarter, only the $5M is reflected.
Round numbers reflect what has closed, not what
is intended. If a company indicates the closing of $5M
out of a desired raise of $15M, our numbers reflect only
the amount which has closed.
Only verifiable fundings are included. Data and
information are verified via (1) various federal and state
regulatory filings; (2) direct confirmation with firm or
investor; (3) press release; or (4) credible media sources.
Valuation data includes estimates to calibrate median
and average valuations based on current and previous
quarter disclosed valuations gathered from
the aforementioned four sources. Valuation data reflects
post-money valuations.
Deal terms are extracted from state regulatory filings in
the US (equity financing only).
Headquarters are determined by publicly available
sources including company-owned websites and profiles,
legal filings, and press releases.
All figures in the report are in USD.
What is excluded:
No contingent funding. If a company receives a
commitment for $20M subject to hitting certain
milestones but first gets $8M, only the $8M is included
in our data.
No business development/R&D arrangements, whether
transferable into equity now, later, or never. If a
company signs a $300M R&D partnership with a larger
corporation, this is not equity financing nor is it from
venture capital firms. As a result, it is not included.
No buyouts, consolidations, or recapitalizations. All
three of these transaction types are commonly
employed by private equity firms and are tracked by CB
Insights. However, they are excluded for the purposes of
this report.
No private placements. These investments, also known
as PIPEs (Private Investment in Public Equities), are not
included even if made by a venture capital firm.
No debt/loans of any kind (except convertible notes).
Venture debt or any kind of debt/loan issued to
emerging, startup companies, even if included as an
additional part of an equity financing, is not included. If
a company receives $3M with $2M from venture
investors and $1M in debt, only the $2M is included in
these statistics.
No non-equity government funding. Grants or loans by
the federal government, state agencies, or public-private
partnerships to emerging, startup companies are not
included.
No funding rounds raised by public companies of any
kind on any exchange (including Pink Sheets), even if
they received investment from a venture firm.
21