Cbinsights-2022年技术评估报告 Tech Valuations Report 2022 recap

2$14.4M$63.4M$200.0M$517.6M1.4B$12.2M$12.6M$14.7M$14.4M$64.4M$70.7M$137.1M$241.2M$183.8M$14.4M$63.4M$200.0M$517.6M1.4B$12.2M$12.6M$14.7M$14.4M$64.4M$70.7M$137.1M$241.2M$183.8M$339.3M$592.0M$400.0M1.5B1.2BQregisteringyearoveryeardeclinesockturmoilandastallingIPOcaughtuptoprivatetechOneexceptiontothetrendwasearlystagestartupsmpanyvaluationsshowedsurprising$$11.6M202222022$$54.2M202222022$$192.8M202222022$$567.1M2022220221.6B202222022$$16.2M202122021202220222022$57.7M$$57.7M$$63.4M202122021202220222022$224.8M$$205.0M202122021202220222022$684.2M$$674.2M2021220212022202220221.7B$1.3B1.5B202122021202220222022HowtheQ4’22andQ4’21valuationscompareSeriesD+201920202021.202250.5%201920202021.202250.5%64.7%64.9%49.5%35.4%35.1%+8.9onredpayoutoustwoyearsGloballatestagedeal56.0%tiered44.0%Paripassu:anarrangementwhereby,intheeventofanexit,investorsacrossalldealstagesshareproceedsproratatotheamountofcapitalcommitted5706706669695Seed/Angel5SeriesA8SeriesB12SeriesC15SeriesD18Methodology21ThisreportwillhelpyouunderstandprivatemarkettechnologycompanyvaluationsbasedonCBInsightsvaluationdata.Wedefine“technologycompanies”asbusinessesthatprimarilygeneraterevenuefromproprietaryand/ordifferentiatedsoftware,hardware,orplatforms.Thisreportwillhelpyousee:•Technologyvaluationtrendsovertimebystageandwherethereisrelativestrengthandweakness•Wheretechnologyvaluationstodaystandrelativetohistoricaltechnologyvaluationbenchmarks•ProtectiveprovisionsonUSdealsandwhetherthey’reincreasingordecreasingovertime45Q2 Q2 Q2$13.4M$20.8M$48.9M<$2.5M$2.5-5M$5-7.5M$7.5M+$8.2M$15.9M$17.4M$40.0M$6.0MQ2Q2202120222022vs.2021$6.5M$7.3M+12%$13.3M$15.4M+16%$19.8M$21.9M+11%$49.8M$49.3M63,2259,4653,7063,4653,184$1.8M$1.8M$1.0M$1.4M$1.7MMedianalsize$3.0M$3.9M$3.3M$2.0M3,2259,4653,7063,4653,184$1.8M$1.8M$1.0M$1.4M$1.7MMedianalsize$3.0M$3.9M$3.3M$2.0M$2.9M$3.4Mealsize+17%2022202220222022202020212022$35.8Me$17.0M$49.5M$54.9M-18%+11%$43.9M3,0922020202120202021.2,7372,737202220222022202220222022total13,092deals-1%from2021+38%from20202022vs.2021$1.6MQ4’22 vs2022vs.2021$1.6M$1.5$1.5M20222022202220222022202020222021$3.1$3.1M20222022202220222022202120222020$$12.6MMedian$9.3M$11.6M$14.4M$14.4M$16.2Mion$14.7M-14%$$77.9M$58.5M20222022202220222022202020212022MedMedianfrom2022202220222022-62%2021202220207100.0%99.5%5%%20202021100.0%99.5%5%%2020202120222022202220202021202220222022202020212022202220225.9%4.7%991.9%94.1%95.4%20202021202020214.2%4.6%5.5%95.95.8%95.4%94.5%20222022202220222022rence202220222.8%3.4%97.2%97.2%96.6%98.1%20202021202020211.5%97.97.5%99.1%98.5%20222022202220222022on0.0%0.0%20220.0%20226.6%6.0%991.7%93.4%94.0%20202021202020215.3%90.90.5%94.9%94.7%20222022202220222022e7.0%6.7%7.0%20227.0%6.9%7.0%6.9%20228Q2 Q2 Q2$44.9M$90.0M$153.0M<$10M$10-15M$15-25M$25M+$33.0M$45.2M$245.0M$75.2M$30.2MQ2Q2202120222022vs.2021$28.8M$32.8M+14%$45.1M$45.9M2%$72.6M$80.9M+11%$165.2M$204.8M+24%95,0413,618808$11.0M$11.0M$10.4M$10.0M$7.0M$17.8M$16.6M$16.5Mealsize-7%-1%5,0413,618808$11.0M$11.0M$10.4M$10.0M$7.0M$17.8M$16.6M$16.5Mealsize-7%-1%2022202220222022202020212022e$100.8M$160.0M$191.5M$162.0M-38%+8%4,4,8732020202120202021.1,0071,007202220222022202220222022total4,873deals-3%from2021+35%from20202022vs.2021$10.0M$10.1MQ4’222022vs.2021$10.0M$10.1MMedianalsize-1%+4-1%20222022202220222022202020222021$16.6M$$13.9M$16.9M$16.8M20222022202220222022202120222020$$57.7MMedian$37.8M$54.2M$63.4M$70.7M$63.4Mion$64.4M-10%$11$111.4M$149.9M$161.7M20222022202220222022202020212022MedMedianfrom2022202220222022-14%20212022202098.5%99.2%98.1%2020202198.5%99.2%98.1%20202021202220222022202020212022202220222020202120222022202221.5%13.3%11.7%78.678.6%86.7%88.3%202020212020202111.7%8686.9%88.6%88.4%20222022202220222022rence202220224.7%3.7%993.1%95.3%96.3%20202021202020215.0%2.0%4.8%95.95.0%98.0%95.2%20222022202220222022on0.2%0.0%20220.0%20229.7%10.8%887.7%90.3%89.2%202020212020202110.2%7.4%13.0%8989.8%92.6%87.0%20222022202220222022e7.1%7.0%7.0%20227.1%6.8%7.0%7.0%2022Buildfinancialmodels,analyzecomps,andresearchprivatecompanieswithconfidence.DiscoverwhyCBInsightsistheonlyplatformyouneedtoevaluatecompanies.CBInsightshelpstheworld'sleadingcompaniesmaketherightacquisition,partnership,investment,andvendordecisions.Everytime.Q2 Q2 Q2$120.0M$159.3M$500.0M$144.9M$519.4M$70.6M$50M+$25-50M<$25MQ2Q2202120222022vs.2021$75.9M$85.9M+13%$182.8M$172.2M$570.0M$500.0M2,6912,231709629457$26.0M$26.0M$15.0M$25.0M$24.4MMedianalsize%%$27.9M$38.1M$37.1M$24.9M$41.3M$34.52,6912,231709629457$26.0M$26.0M$15.0M$25.0M$24.4MMedianalsize%%$27.9M$38.1M$37.1M$24.9M$41.3M$34.5Mealsize-9%-16%2022202220222022202020212022$440.8M$331.6M$274.9M$359.4Me-24%-20%92020202120202021.4436202220222022202220222022total2,231deals-17%from2021+23%from20202022vs.2021$19.4MQ4’22 vs2022vs.2021$19.4M$$20.1M20222022202220222022202020222021$$30.8M20222022202220222022202120222020$137.1$137.1M-25%$109.3M$192.8M$200.0MMedianion$241.2M$205.0M$183.8M$29$296.0M$458.2M$364.7M20222022202220222022202220202021MedMedianfrom325%2022202220222022-11%-31%20212022202099.3%97.8%2020202199.3%97.8%20202021202220222022202020212022202220222020202120222022202227.9%25.8%23.6%72.172.1%74.2%76.4%202020212020202121.2%22.2%21.2%78.8%78.8%77.8%78.8%202220222022202220229%67.1%rence202220225.7%4.0%993.6%94.3%96.0%20202021202020213.5%96.96.6%98.5%96.6%20222022202220222022on0.0%0.0%20220.0%20229.1%12.6%887.1%90.9%87.4%202020212020202113.7%91.91.9%87.0%86.3%20222022202220222022e7.3%7.0%7.0%20227.0%7.2%6.8%7.1%2022Q2 Q2 Q2$212.3M$1,000.0M$239.6M$800M$55M+<$55MQ2Q2202120222022vs.2021$217.4M$220.4M1%$1,000.0M$1,000.0M9877320299226$60.0M$50.0M$29.1MMedianalsize$25.5M-12%$53.2M$76.7M$71.2Mealsize+25%9877320299226$60.0M$50.0M$29.1MMedianalsize$25.5M-12%$53.2M$76.7M$71.2Mealsize+25%-17%$42.5M%2022202220222022202020212022e$597.7M$928.1M$1,098.4M$488.4M-24%+18%$638.6M92020202120202021.20204202220222022202220222022total1,049deals-22%from2021+20%from20202022vs.2021Q4’22 vs.2022vs.2021$$30.3M$50.0M$44.0M20222022202220222022202220202022$$54.0M$77.6M$64.3M20222022202220222022202220212022$339.3$339.3M-15%$283.0M$567.1M$517.6MMedianion$592.0M$674.2M$400.0M$$1,556.4M$905.3M20222022202220222022202020212022MedMedianfrom160%2022202220222022-38%-14%20212022202095.0%94.8%2020202195.0%94.8%20202021202220222022202020212022202220222020202120222022202237.1%29.9%33.0%63.0%63.0%70.1%67.0%202020212020202127.5%34.5%45.5%72.5%72.5%65.5%54.6%202220222022202220224%rence202220224.7%6.2%994.8%95.3%93.8%2020202120202021.9%6.1%95.95.0%93.1%93.9%20222022202220222022on0.0%0.0%20220.0%20228.5%12.3%886.1%91.5%87.7%2020202120202021%16.7%92.92.3%85.4%83.3%20222022202220222022e7.1%7.2%7.2%20227.3%7.0%7.3%6.8%2022Q2 Q2 Q2$1,765.7M$474.7M$2,000.0M$900.0M$100M+<$100MQ2Q2202120222022vs.2021$659.1M$700.0M6%$2,100.0M$2,000.0M7062459639$114.4M$100.0MMedianalsize$50.0M$46.8Mealsize$160.1M$121.6M$76.8M7062459639$114.4M$100.0MMedianalsize$50.0M$46.8Mealsize$160.1M$121.6M$76.8M-27%$86.3M-13%2022202220222022202020212022$2.4B$3.2B$2.6B$3.0B$2.5B5696952020202120202021.1126202220222022202220222022total706deals-36%from2021+2%from20202022vs.2021Q4’22 vs.2022vs.2021$6$61.1M$110.0M$80.0M20222022202220222022202220202022$11$115.6M$166.4M$120.9M20222022202220222022202220212022$$1.3BMedian$1.0B$1.6B$1.4B$1.5B$1.5Bion1.2B$2.1B2.2B2.2B-19%ion20222022202220222022202020212022MedMedianfrom2022202220222022%2021202220202095.2%95.4%2020202195.2%95.4%20202021202220222022202020212022202220222020202120222022202235.4%35.1%44.0%64.7%64.7%64.9%56.0%202020212020202142.9%44.2%43.5%557.1%55.8%56.5%20222022202220222022rence202220227%4.7%5.7%996.4%95.3%94.3%20202021202020213.2%7.0%13.0%96.96.8%93.0%87.0%20222022202220222022on0.0%0.0%20220.0%20227.7%9.2%12.7%992.4%90.8%87.3%20202021202020210.0%20222022202220222022%7%e7.4%7.3%7.1%20226.9%7.0%7.5%7.6%202221Ifyouhavequestionsaboutthedefinitionsormethodologicalprinciplesused,orifyoufeelsentedpleasereachouttoinfo@.Equityfinancingsintoprivatetechnologycompaniesonly.niesaregenerallydefinedasbusinessesthatprimarilygeneraterevenuefromproprietaryand/ordifferentiatedsoftware,hardware,ortechnology-drivenplatforms.investmentmadeinthequarterfortranchedinvestments.IfacompanydoesasecondclosingofitsSeriesBroundfor$5Mandpreviouslyhadclosed2Minapriorquarter,onlythe$5Misreflected.Roundnumbersreflectwhathasclosed,notwhatisintended.Ifacompanyindicatestheclosingof$5Moutofadesiredraiseof$15M,ournumbersreflectonlytheamountwhichhasclosed.ndinformationareverifiedvia(1)variousfederalandstateregulatoryfilings;(2)directconfirmationwithfirmorrediblemediasourcesValuationdataincludesestimatestocalibratemedianedoncurrentandpreviousquarterdisclosedvaluationsgatheredfromtheaforementionedfoursources.Valuationdatareflectspost-moneyvaluations.DealtermsareextractedfromstateregulatoryfilingsineUSequityfinancingonlyblicly