Valuation multiples significantly dropped in 2022 from the highs of 2021, making it challenging for startups, especially late-stage ones, to grow into those lofty valuations in the near future, per Ajay Vashee, a general partner at IVP.

 

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Valuation multiples significantly dropped in 2022 from the highs of 2021, making it challenging for startups, especially late-stage ones, to grow into those lofty valuations in the near future, per Ajay Vashee, a general partner at IVP. Valuation multiples significantly dropped in 2022 from the highs of 2021, making it challenging for startups, especially late-stage ones, to grow into those lofty valuations in the near future, per Ajay Vashee, a general partner at IVP.  Series B to D stage SaaS deals, which garnered median valuations of 114.3 times their annual recurring revenue in 2022, have seen their current valuations drop to 2017 levels, per Vashee.  The drop in valuation in private markets mimics the trend in VC-backed publicly listed companies, which lost 61.3% of their market value in 2022 and reverted to close to 2017 prices.  Some startups are now accepting 15x ARR multiple valuations. However, many are not open to raising down rounds.  Even cash-rich startups with enough runway to outlast the current economic downturn will be unable to grow into 2021's valuation in the near future, given that many late-stage startups have seen revenues decline by 40% to 60% in recent months.  Calculations done by Pitchbook show that a firm may need to grow at 100x or more for two years to match its 2021 valuation.