PitchBook：2022年第三季度美国风险投资估值报告（英文版）（21页）.pdf

1、Sponsored byUSVC Valuations ReportQ320222ContentsPitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Senior Director,Institutional Research&EditorialDylan Cox,CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisKyle Stanford,CAIA Senior Analyst,US Venture LSponsored byPublis

2、hed on November 7,2022Click here for PitchBooks report methodologies.PublishingReport designed by Joey SchafferDataSusan Hu Data AnalystTimothy Cheng Associate Quantitative Research AQ3 2022 US VC VALUATIONS REPORTKey takeaways4Angel and seed5Early-stage VC valuations7Late-stage VC valuations9Biotec

3、h&pharma11Fintech12Enterprise tech13Consumer tech14Nontraditional investors15Liquidity17Deal terms19This is an updated version of the report,which had included global data in the Exits section.4Q3 2022 US VC VALUATIONS REPORTSponsored byKEY TAKEAWAYSKey takeawaysBoth the median and average late-stag

4、e VC valuations have taken a significant hit in 2022,a quick fall after the rapid rise seen in 2021.Public market multiples have compressed,causing the extended valuations garnered in 2021 to be exposed to a less welcoming market from equity investors.The shortage of capital is being exacerbated by

5、the retreat of crossover investors and large nontraditional investors that have flooded VC in recent years.The largest deals in the market have been heavily reliant on capital from these investors,and now that there is less capital available,the unicorn market has all but disappeared this year.The b

6、ackup at the late stage is being further impacted by the inability of companies to exit.The trapped value at the top of the market is at risk,as more than 1,200 unicorns operate globally.While exit valuation step-ups have remained relatively strong,there has been a severe lack of exit value generate