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US VC Valuations Report

Q3 2022

US VC Valuations Report

November 7, 2022

This is an updated version of the report, which had included global data in the Exits section.

Dramatic drop in US VC exit activity impacts valuation trends in Q3

The near halt in public listings and recent retreat of nontraditional investors in the venture industry are a few of the many reasons why both the median and average late-stage VC valuations have taken a significant hit in 2022.

PitchBook analysts say that it is easy to see a major decline in valuations, but the venture market still looks stronger than before 2021. However, the longer economic woes extend, the greater the chance that the slowdown in the venture market increases the pressures on investments and valuations.

Our Q3 2022 US VC Valuations Report, sponsored by Silicon Valley Bank, provides an extensive look at valuations across stages, sectors, and more.

Key takeaways:
  • The late-stage venture cycle has seen the impact of market volatility more than any other area of the market so far. The median late-stage valuation in Q3 fell to $71 million, marking a 29% drop from Q1.
  • Seed and early-stage valuations have remained at the elevated levels achieved in 2021.
  • While exit valuation step-ups have remained relatively strong, a severe lack of generated exit value resulted in a decline in median valuation to just $317.2 million—the lowest figure in three years.

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 and 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 17
Deal terms 19