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Executive Summary
Stout is pleased to present our Q4 2025 Venture Capital (VC) Industry Update based on the latest data available as of December 31, 2025. This newsletter is a testament to Stout’s specialized expertise on the U.S. VC industry and aims to provide you with the latest trends and key market developments along with our in-depth analysis and thought-provoking insights.
In this edition, we will dive into different aspects of the VC landscape, including a Market Overview, Deal Volume and Activity, Pricing Analysis, the FTSE VC Index, Secondary Market Activity, and Exit Activity. Each section is designed to keep you informed and up to date with the latest trends in the ever-evolving VC industry.
VC Environment in Q4 2025
- Shifting VC Trends: VC activity in Q4 2025 slowed amid macroeconomic uncertainty, with declines in overall deal volume and investor participation. This quarter saw a greater emphasis on early-stage than late-stage, reflecting a shift in the investment mix.
- Unicorn Activity: AI-focused companies remain a key area of activity, outpacing other industries. The growth of unicorns reflects the capital-intensive nature of scaling, with innovation, scalability, and operational performance playing an important role in valuations.
- Highlights in Exit Activity: VC exit activity slowed in Q4 2025, with the Information Technology (IT) sector remaining the primary driver of transactions, as investors prioritized assets tied to long-term potential like artificial intelligence. Findings highlight a preference for established businesses in an environment where investors are more selective.
- Secondary Market Trends: The VC secondary market experienced a shift in Q4 2025, with transaction volume significantly increasing. In 2025, fund units surpassed common stock as the most traded share class, Enterprise Software remains the leading sector, and transactions are still mainly driven by individual buyers and sellers.
Deal Volume and Activity
VC Deal History
U.S. VC deal activity slowed in Q4 2025, exhibiting a 4.6% QoQ decline in deal count. Conversely, capital invested recorded a slight increase of 5.8% compared to Q3 2025, from $73.0 billion to $76.9 billion.
U.S. Venture Capital History
Capital Invested in Billions of U.S. Dollars and Deal Count in Actual Numbers
Source: Pitchbook Data, Inc.
Deal and Volume Activity by Funding Stage
Early-Stage1 invested capital activity increased in Q4 2025, rising 12.5 percentage points QoQ. In Q4 2025, Early-Stage investments accounted for 55.9% of total invested capital, while Late-Stage2 investments represented 44.1%, marking a shift from Q3 2025, when Late-Stage investments comprised the majority of capital deployed.
U.S. Venture Capital History per Stage
Source: Pitchbook Data, Inc.
Historically, Early-Stage deals have consistently outnumbered Late-Stage deals, a pattern that persisted in Q4 2025. Despite their smaller volume, Late-Stage deals continued to attract significant capital.
Pricing & Deal Characteristics Analysis
Pre- and Post-Money Valuation
Pre-money valuations continued to rise in Q4 2025, despite a decline in deal activity. Specifically, the median pre-money valuation grew by 30.9% compared to the previous quarter, while the deal count slightly dropped by 4.6% during the same period.
Median Pre-Money Valuation
In Millions of U.S. Dollars
Source: Pitchbook Data, Inc. Based on VC transactions for which pre-money valuation was available.
By analyzing the implied post-money valuation per industry, the Financial Services sector led Q4 2025, despite experiencing some fluctuations throughout the year due to macroeconomic conditions. In comparison with the prior quarter, the median post-money valuation of total deals increased by 29.0% QoQ, accompanied by a significant 106.5% increase in the median post-money valuation within the Materials and Resources sector. Additionally, the Information Technology sector saw a notable increase in the median post-money valuation by 25.0%, while the Healthcare industry recorded the largest drop, with the median post-money valuation decreasing by 21.2%.
Median Post-Money Valuation per Industry
In Millions of U.S. Dollars
Source: Pitchbook Data, Inc. Based on VC transactions for which post-money valuation was available. The value of "Dec-25 Financial Services" is truncated due to its magnitude, the value is $387m USD.
Deal Size
The median deal size experienced a slight QoQ increase of 2.0% in Q4 2025, with notable variations across sectors emphasizing a dynamic market environment. The Business Products and Services (B2B) sector recorded the most significant contraction in observed deal characteristics, with its median deal size dropping by 45.8%. Similarly, the Energy sector faced a notable decline of 11.4%, driven by sustainability risks. On the other hand, the Information Technology and Consumer Products and Services (B2C) sectors delivered strong performance, with median deal sizes increasing by 7.0% and 10.3%, respectively. Meanwhile, the Healthcare sector experienced a modest decline of 8.2%, the Financial Services sector remained stable with a 0.3% QoQ increase, and the Materials and Resources sector recorded a 2.5% increase, underscoring the divergent trends across industries.
Median Deal Size per Industry
In Millions of U.S. Dollars
Source: Pitchbook Data, Inc. Based on VC transactions for which deal size was available. The value of "Energy Jun-25" is truncated due to its magnitude, the value is $20m USD.
Valuation Step-Up
The valuation step-up (“Valuation Step-Up”) is the increase in valuation of the current financing round relative to the prior financing round and is calculated as the current VC round implied pre-money valuation divided by the prior VC round implied post-money valuation. The Valuation Step-Up serves as an indicator of market sentiment, startup performance, and investor confidence. In this section, we analyzed the historical median Valuation Step-Up per industry.
As of Q4 2025, the median Valuation Step-Up per industry was between 1.3x-2.2x, a decline from the peaks observed in 2021. This downward trend reflects a significant market correction that began in mid-2022, driven by rising interest rates and increased economic uncertainty, leading to a more normalized rate of price appreciation for VC-backed companies.
Compared to the prior quarter, the median Valuation Step-Up in Q4 2025 remained relatively flat. The Energy sector experienced the largest upward movement, with a 52.5% increase in its Valuation Step-Up, while the Consumer Products and Services (B2C) sector saw the most significant decline, recording a 20.8% QoQ decrease.
Source: Pitchbook Data, Inc. Based on VC transactions for which Valuation Step-Up details were available.
Down Round Financing
To assess the health of the VC ecosystem, we analyzed the historical percentage of deals classified as down rounds.
Since mid-2022, the U.S. VC market has entered a period marked by a high incidence of down rounds driven by several key factors: 1) tightened capital markets resulting from broader macroeconomic challenges, prompting investors to adopt capital concentration strategies, 2) a market correction reflecting a significant "valuation reset" following the rapid stock appreciation of 2021, and 3) a shift toward “valuation discipline,” with a stronger emphasis on realistic valuations grounded in fundamental growth and cash flow generation.
In Q4 2025, the percentage of down-rounds was 9.6% of total deals, marking a slight decrease from the previous quarter, along with an overall decline in deal activity.
Total Deals and Percentage of Down Rounds
Source: Pitchbook Data, Inc. Based on VC transactions for which round details were available.
Investor Mixture
In this section, we analyzed the percentage of new investors participating in deals on a deal-by-deal basis, categorized per industry.
By December 2025, the percentage of new investors experienced an absolute decrease of 13.9% compared to the second quarter, reflecting a sustained decline in investor participation. The total percentage of new investors decreased to 56.0% in Q4 2025, down from 62.1% in Q3 2025. Sector-level analysis highlights varying trends with the Business Products and Services (B2B) sector seeing the most significant drop.
Source: Pitchbook Data, Inc. Based on VC transactions for which investors details were available.
Percentage of New Investors per Deal per Industry
Source: Pitchbook Data, Inc. Based on VC transactions for which investors details were available.
Deal Contractual Rights
This section presents a breakdown of deals categorized by their respective security contractual rights. The accompanying graphs classify transactions based on key factors such as waterfall seniority and conversion rights (convertible or participating).
Notably, the peak in strong investor rights observed in deals during 2022 and 2023 coincided with the transition from the rapid private market growth of 2021 to a period of economic challenges driven by high inflation and macroeconomic headwinds. These market conditions, yield expectations in the private markets, and investors’ risk tolerance prompted the inclusion of stronger investor-friendly rights (i.e., higher seniority, higher liquidation preference, or participating preferred structures) in new deals to mitigate the increased systematic risk. By 2025, however, as market expectations have stabilized and entry valuation levels have been moderated, there is a higher focus on standard, default VC contract characteristics tied to convertible, pari passu preferred securities with 1.0x liquidation preference and standard weighted average anti-dilution provisions.
More specifically, in Q4 2025, the proportion of deals including participating securities increased from 2.2% to 2.6% QoQ, while the share of deals featuring senior instruments remained flat compared to the previous quarter.
Deal Breakdown per Seniority
Source: Pitchbook Data, Inc. Based on VC transactions for which seniority details were available.
Deal Breakdown per Security Type
Source: Pitchbook Data, Inc. Based on VC transactions for which security type details were available.
Unicorn Valuation Multiples
The term unicorn (“Unicorn”) refers to venture capital-backed companies that have achieved $1 billion post-money valuation. We analyzed several financial, valuation, deal and industry characteristics of 20 companies that reached the unicorn valuation status this quarter. Companies valued up to $2 billion represent 25.0% of the sample, while 35.0% of Unicorns fall within the $5 to $10 billion range, balancing growth and operational maturity. Valuation Step-Up multiple up to 2x dominates at 65.0% of the sample, while 15.0% of the new Unicorns achieve exceptional growth Step-Up exceeding 10x. Revenue distribution shows 30.0% of companies generating up to $100 million and 35.0% from $100 to $500 million, while 25.0% report $500 million to $1 billion and 10.0% above $1 billion, highlighting strong scalability. Revenue multiples range widely, with 30.0% achieving 10x to 20x and 15.0% exceeding 50x, emphasizing market dominance for top performers and high growth potential.
AI-focused companies lead the landscape at 70.0%, far outpacing fintech (5.0%) and other industries (25.0%), while 45.0% of Unicorns require 6 to 7 funding rounds to scale, reflecting the capital-intensive nature of Unicorn growth. Overall, the data underscores the importance of innovation, scalability, and operational performance in driving Unicorn valuations.
Unicorn Statistics - Q4 2025
Source: Pitchbook Data, Inc. Valuation Step-Up is calculated using available pre- and post-money valuation. Rounds with missing or undisclosed information are included in the sample and illustrated as n/a in the exhibit.
Unicorn Statistics - Q4 2025
Source: Pitchbook Data, Inc.
FTSE Venture Capital Index
FTSE VC Index Performance
The FTSE VC Index serves as a benchmark for tracking the performance of VC-backed companies and trends across the ecosystem. In this section, we dive into the latest movements in the index, highlighting key shifts, emerging sectors, and the broader implications for investors.
The VC market has outperformed public equity indices over the long term, albeit with higher volatility and deeper lows. Specifically, the asset class experienced significant price appreciation starting in early 2020, reaching a peak around late 2021. However, a sharp decline was observed in early 2022, followed by a steady recovery starting in 2023, with a particularly steep rise recorded in 2025. This performance suggests volatility is inherent in VC investments.
FTSE Venture Capital Index Performance
Source: "https://www.lseg.com/en/ftse-russell/indices/venture-capital-index" and "dscqg.com"
Correlation
Correlation Matrix
| FTSE Venture Capital Index | S&P 500 | Russell 2000 Index | |
|---|---|---|---|
| FTSE Venture Capital Index | 100.0% | 83.6% | 67.4% |
| S&P 500 | 83.6% | 100.0% | 85.9% |
| Russell 2000 Index | 67.4% | 85.9% | 100.0% |
The VC market has a strong correlation with the S&P 500 over the past 13 years, reflecting its sensitivity to broader macroeconomic and capital market conditions. However, the correlation is lower with the Russell 2000 Index, suggesting that the VC market has more unique drivers compared to small-cap equities. Importantly, the VC market does not move in lockstep with public markets, which provides some diversification benefits despite the relatively high correlation.
Cumulative Returns
| 1-year | 2-year | 5-year | |
|---|---|---|---|
| FTSE Venture Capital Index | 16.3% | 49.8% | 30.0% |
| S&P 500 | 16.4% | 43.5% | 82.3% |
| Russell 2000 Index | 11.3% | 22.4% | 25.7% |
The VC market is highly volatile, offering exceptional returns during strong periods, but is also associated with increased risk, reflected in both valuations and number of successful exits. Careful consideration should be given to both idiosyncratic asset properties and broader systematic factors.
Secondary Market Activity
Overview
To analyze secondary transactions, we use data from Forge Data, LLC.3 The VC secondary market displayed an increased activity, with deal count rising by 2.3% and transaction volume surging by 24.8% QoQ. Unlike prior years, there has been no sustained directional trend since late 2023, which suggests investors are navigating the secondary market opportunistically.
Transaction Volume and Deal Count of Secondary Transactions
Transaction Volume in Millions of U.S. Dollars and Deal Count in Actual Numbers
Source: Forge Data LLC
Activity per Industry
Percentage of Transaction Volume per Industry – Q4 2025
Source: Forge Data LLC
Enterprise Software once again led secondary trading, representing 42.0% of volume in Q4. The continued expansion of FinTech (29.2%) and Technology Hardware (6.6%) stands out, both of which had only modest shares a few years ago. In practice, the market is rewarding categories that provided clearer revenue visibility and scalability, while cyclical or capital-intensive industries struggle to attract secondary buyers.
Percentage of Transaction Volume per Industry
|
Quarter |
Healthcare |
Energy |
Enterprise Software |
FinTech |
Technology Hardware |
Consumer & Lifestyle |
Transportation |
FoodTech |
Industrial |
Real Estate |
Education |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
4Q25 |
0.8% |
4.1% |
42.0% |
29.2% |
6.6% |
1.8% |
0.6% |
0.7% |
14.2% |
0.1% |
0.0% |
|
3Q25 |
0.4% |
0.9% |
38.8% |
18.8% |
7.2% |
0.4% |
0.7% |
1.4% |
31.5% |
0.0% |
0.0% |
|
2Q25 |
2.2% |
2.2% |
33.4% |
31.3% |
6.2% |
1.9% |
1.3% |
2.4% |
19.1% |
0.0% |
0.0% |
|
1Q25 |
1.3% |
0.6% |
47.5% |
20.7% |
6.9% |
1.3% |
0.7% |
2.9% |
18.2% |
0.0% |
0.0% |
|
4Q24 |
0.1% |
1.4% |
40.2% |
20.5% |
5.0% |
3.8% |
0.3% |
1.9% |
26.7% |
0.0% |
0.0% |
|
3Q24 |
0.9% |
2.4% |
44.2% |
14.3% |
6.8% |
1.0% |
0.3% |
7.8% |
22.4% |
0.0% |
0.0% |
|
2Q24 |
0.0% |
0.7% |
63.2% |
13.7% |
6.5% |
2.8% |
0.4% |
1.0% |
11.3% |
0.0% |
0.3% |
|
1Q24 |
2.4% |
0.7% |
61.6% |
15.4% |
2.1% |
2.2% |
0.2% |
0.6% |
14.9% |
0.0% |
0.0% |
|
4Q23 |
0.0% |
0.5% |
40.7% |
8.8% |
12.0% |
9.4% |
0.5% |
1.8% |
26.2% |
0.0% |
0.0% |
|
3Q23 |
10.9% |
2.4% |
49.9% |
17.2% |
2.2% |
3.7% |
1.8% |
1.6% |
10.3% |
0.1% |
0.0% |
|
2Q23 |
3.8% |
0.0% |
49.0% |
15.7% |
0.0% |
3.1% |
1.2% |
9.0% |
18.2% |
0.0% |
0.0% |
|
1Q23 |
0.7% |
0.1% |
19.5% |
10.6% |
0.0% |
2.2% |
0.1% |
4.9% |
61.9% |
0.0% |
0.0% |
|
4Q22 |
0.9% |
0.2% |
32.5% |
7.3% |
0.8% |
9.7% |
0.4% |
4.1% |
44.2% |
0.0% |
0.0% |
|
3Q22 |
2.9% |
0.1% |
23.2% |
35.0% |
0.1% |
6.6% |
0.7% |
4.3% |
26.9% |
0.3% |
0.0% |
|
2Q22 |
4.0% |
0.0% |
36.5% |
22.9% |
0.2% |
16.7% |
0.7% |
2.4% |
12.7% |
3.6% |
0.3% |
|
1Q22 |
5.3% |
0.4% |
40.2% |
20.7% |
0.3% |
16.5% |
2.1% |
5.4% |
6.7% |
0.4% |
1.9% |
|
4Q21 |
4.2% |
0.0% |
39.2% |
23.0% |
0.9% |
14.3% |
6.7% |
4.9% |
4.8% |
0.9% |
1.1% |
|
3Q21 |
0.5% |
0.6% |
45.5% |
17.5% |
0.1% |
8.0% |
1.7% |
6.8% |
14.4% |
0.0% |
4.8% |
|
2Q21 |
3.3% |
0.0% |
40.0% |
29.6% |
0.8% |
7.8% |
1.7% |
7.0% |
7.7% |
1.0% |
1.0% |
|
1Q21 |
5.0% |
0.0% |
24.0% |
31.4% |
0.5% |
7.0% |
10.3% |
5.4% |
13.0% |
0.7% |
2.9% |
|
4Q20 |
1.8% |
0.0% |
18.1% |
37.4% |
0.0% |
4.9% |
11.0% |
5.7% |
19.4% |
1.0% |
0.7% |
|
3Q20 |
2.3% |
0.0% |
38.7% |
13.2% |
0.0% |
3.5% |
7.1% |
13.9% |
19.9% |
0.2% |
1.2% |
|
2Q20 |
2.1% |
0.1% |
12.8% |
12.2% |
0.0% |
24.8% |
20.9% |
3.1% |
21.9% |
0.3% |
1.8% |
|
1Q20 |
1.8% |
0.0% |
27.9% |
15.1% |
0.0% |
11.1% |
2.0% |
7.7% |
25.2% |
9.2% |
0.0% |
|
4Q19 |
6.5% |
0.0% |
41.4% |
11.1% |
0.0% |
15.4% |
12.8% |
5.6% |
7.0% |
0.1% |
0.0% |
|
3Q19 |
0.3% |
0.0% |
22.4% |
14.1% |
0.0% |
15.2% |
19.8% |
13.5% |
14.5% |
0.0% |
0.0% |
|
2Q19 |
2.3% |
0.0% |
31.8% |
4.7% |
0.2% |
39.5% |
1.7% |
2.4% |
17.3% |
0.0% |
0.0% |
|
1Q19 |
42.4% |
0.0% |
37.8% |
1.7% |
0.2% |
1.2% |
6.5% |
0.5% |
6.6% |
0.0% |
3.1% |
|
4Q18 |
8.4% |
0.0% |
14.8% |
11.7% |
1.1% |
19.2% |
38.9% |
0.0% |
1.9% |
0.0% |
4.0% |
|
3Q18 |
9.8% |
0.0% |
7.2% |
3.8% |
0.3% |
29.9% |
47.0% |
0.0% |
1.3% |
0.0% |
0.6% |
|
2Q18 |
15.7% |
0.3% |
7.7% |
16.1% |
0.0% |
37.7% |
20.1% |
0.3% |
2.2% |
0.0% |
0.0% |
|
1Q18 |
0.5% |
0.1% |
3.0% |
4.5% |
0.0% |
69.0% |
22.2% |
0.0% |
0.7% |
0.0% |
0.0% |
|
4Q17 |
2.3% |
0.2% |
26.9% |
4.1% |
0.0% |
43.2% |
20.5% |
0.0% |
2.8% |
0.0% |
0.0% |
|
3Q17 |
4.4% |
3.1% |
33.3% |
30.2% |
0.0% |
27.0% |
0.0% |
0.0% |
0.8% |
0.0% |
1.3% |
|
2Q17 |
1.3% |
0.0% |
51.6% |
0.0% |
0.0% |
13.5% |
33.2% |
0.0% |
0.4% |
0.0% |
0.0% |
|
1Q17 |
0.2% |
0.0% |
33.9% |
7.1% |
0.0% |
32.6% |
26.1% |
0.0% |
0.0% |
0.0% |
0.0% |
|
4Q16 |
0.6% |
8.9% |
40.2% |
0.3% |
0.0% |
26.9% |
22.3% |
0.0% |
0.7% |
0.0% |
0.0% |
|
3Q16 |
0.0% |
1.5% |
13.1% |
2.1% |
0.0% |
24.4% |
50.8% |
0.0% |
8.1% |
0.0% |
0.0% |
|
2Q16 |
0.2% |
0.0% |
10.3% |
0.4% |
0.0% |
31.2% |
57.9% |
0.0% |
0.0% |
0.0% |
0.0% |
|
1Q16 |
0.6% |
0.0% |
49.0% |
0.0% |
0.0% |
10.5% |
37.2% |
0.0% |
2.7% |
0.0% |
0.0% |
Source: Forge Data LLC
Transaction Volume per Share Class4
Common stock has overall been the dominant security class in the secondary market since 2016, accounting for 56.4% of the transaction volume. This is primarily driven by different equity concentration of 1) early- versus late-stage investors, 2) founders’ versus institutional investors’ risk tolerance, preferences and liquidity horizons, 3) cumulative price inflation since series seed rounds, 4) investor contractual protection rights, and 5) different supply dynamics per equity holder group or security class owners. However, fund units were the most traded security class in the secondary market in 2025, making up 44.5% of volume.
Percentage of Transaction Volume per Share Class
Source: Forge Data LLC
Transaction Volume per Buyer Type and per Seller Type
Individual investors continued to play a significant role, accounting for 43.0% of buyer activity and 48.3% of seller activity in Q4, and the group represented an average of 54.6% of buyer activity and 72.6% of seller activity over the past 10 years. This consistent presence of individual investors suggests that the secondary market is characterized by active participation, potentially driven by diverse liquidity needs and strategic considerations. Notably, the tendency of early employees to sell their shares when liquidity opportunities arise further underscores this dynamic, as individual sellers constitute an even higher percentage of the seller category compared to individual buyers within the buyer category.
Percentage of Transaction Volume per Buyer and per Seller Type
Source: Forge Data LLC. Negative percentages represent the distribution per seller type and should be interpreted as positive quantities.
Exit Activity
Overview
Exit activity moderated in Q4 2025, with total transaction volume declining 8.6% QoQ. IT continued to be the primary sector of exits, accounting for 55.9% of all transactions. This sustained concentration highlights buyers’ focus on tech assets that are critical to enterprise infrastructure or tied to long-term secular shifts such as AI, cybersecurity, and data management. While other sectors such as Healthcare and Business Products remain active, their relative share of exits has diminished. This suggests that investors and acquirers are raising the bar for what qualifies as an “exit-ready” business.
Percentage of Exit Deals per Industry – Q4 2025
Source: PitchBook Data, Inc.
Consistent with historical trends, mergers and acquisitions remained the dominant exit route, representing the majority of total exits over the past year, as the IPO market has been relatively inactive.
Historical Number of Exits
Number of Exits in actual numbers
Source: PitchBook Data, Inc. Other exits include Secondary Buyouts, Investor Buyout by Management, Merger of Equals and Reverse Merger.
Exit volumes exhibited periodic fluctuations over the year, with no sustained directional trend, indicating a volatile exit environment.
IPO Exits
There were a total of 48 IPO Exits of VC-backed companies in 2025, 14 of which were in Q4. The following table illustrates select performance metrics for the ten VC-backed companies that completed the largest IPO exits in Q4 2025, based on available valuation and deal size data.
Top 10 IPO Exits of VC-Backed Companies Ranked by Post-Money Valuation - Q4 2025
In Millions of U.S. Dollars
Source: Pitchbook Data, Inc. Ranking based on post-money valuation of actual VC IPO transactions.
The metrics presented in the following table provide a consolidated view of the capital raise activity and timing dynamics of these companies. The data indicates that the average IPO valuation of approximately $3.55 billion was supported by an average IPO deal size of $420 million. On average, companies experienced a 1.25x Valuation Step-Up from their last private financing round to the IPO, demonstrating modest but consistent value accretion prior to listing. The average interval between the latest financing round and the IPO was 1.05 years and companies completed an average of 6 financing rounds prior to going public. With only one notable exception, the companies in this sample followed the standard trajectory of multiple pre-IPO rounds, underscoring that sustained private-market fundraising is a common characteristic of eventual IPO candidates.
IPO Metrics - Q4 2025
| Metric | Average | Median | Minimum | Maximum |
|---|---|---|---|---|
| IPO Valuation | $ 3,550 | $ 1,900 | $ 500 | $ 12,450 |
| IPO Deal Size | 420 | 280 | 100 | 1,020 |
| Timing from last round to IPO (in years) | 1.05 | 0.90 | 0.00 | 3.30 |
| Valuation Step-Up from last round to IPO | 1.25x | 1.25x | 0.55x | 1.80x |
| Number of rounds (excl. IPO) | 6 | 6 | 1 | 11 |
| Average timing between rounds (in years) | 1.40 | 1.20 | 0.10 | 3.10 |
Source: PitchBook Data, Inc. Valuation Step-Ups are calculated using available pre- and post-money valuation data. Rounds with missing or undisclosed information are not included in the sample.
- Early-Stage deals include Series Seed, Series A, and Series B funding rounds.
- Late-Stage deals include Series C, Series D, Series E, and Series F funding rounds.
- Source: Private market data provided by Forge Data LLC, a division of Forge Global Holdings, Inc. (“Forge”). Forge is a leading provider of private market infrastructure, data services and technology solutions.
- The share classes are Common (includes options and common stock), Preferred (includes all classes of preferred stock), and Units, which indicates that units of a fund were sold.
