【行业研报】PitchBook-2023年二季度美国风险投资评估报告（英）-2023.8_市场营销策.docxVIP

Q2 2023 US VC Valuations Report Sponsored by Contents Sponsored by Key takeaways4Angel Key takeaways 4 Angel and seed valuations 5 Early-stage VC valuations 7 Late-stage VC valuations 9 Venture-growth valuations 11 A word from Morgan Stanley at Work 13 Fintech 15 Carbon emissions tech 17 Nontraditional investors 19 Liquidity 21 Deal terms 23 John Gabbert Founder, CEO Nizar Tarhuni Vice President, Institutional Research and Editorial Dylan Cox, CFA Head of Private Markets Research Institutional Research Group Analysis Kyle Stanford, CAIA Lead Analyst, Venture Capital kyle.stanford@ Max Navas Analyst, Venture Capital max.navas@ Vincent Harrison Analyst, Venture Capital vincent.harrison@ Kaidi Gao Associate Analyst, Venture Capital kaidi.gao@ Data Susan Hu Senior Data Analyst pbinstitutionalresearch@ Publishing Report designed by Jenna O’Malley and Megan Woodard Published on August 9, 2023 Click here for PitchBook’s report methodologies. 2 Q2 2023 US VC VALUATIONS REPORT Shareholders May be Expecting Liquidity - How Will You Respond? As companies remain private longer amid economic uncertainty, 59% of private company decision makers are reporting increased pressure to conduct a liquidity event.1 What can you do today to be set up for success tomorrow? Discover what steps you can take to stay transaction ready and manage the expectations of your shareholders ahead of a future IPO or liquidity event. Request a Transaction Readiness Assessment 1 Morgan Stanley at Work 2023 Liquidity Trends Report Morgan Stanley at Work services are provided by Morgan Stanley Smith Barney LLC, member SIPC, and/or its affiliates, all wholly owned subsidiaries of Morgan Stanley. ? 2023 Morgan Stanley Smith Barney LLC. Member SIPC. CRC 5791596 07/2023 Sponsored by Sponsored by 4Q2 2023 4 Q2 2023 US VC VALUATIONS REPORT KEY TAKEAWAYS Key takeaways The seed stage’s summer may be cooling off early. As VC funds exhaust their dry powder, up their reserve