With second-quarter investments up 27 percent in the United States and deals down 4 percent, valuations rose for venture-backed startups, with the largest increase coming in late-stage rounds, according to a study from Cooley.
The quarter saw median pre-money valuations rise across all deal stages, with A round deals hitting a 10-year high, the study found. For Series D and later rounds, the increase was a substantial 150 percent to a median pre-money valuation of $350 million.
Cooley based its findings on 211 deals it handled during the period.
Among Series A rounds, the median pre-money valuation rose 53 percent to $23 million. The median for B rounds increased 33 percent to $60 million, the study found. Series C and seed deals had smaller increases.
Also of note is the percentage of deals that were up rounds rose to 82 percent from 75 percent in the first quarter. Down rounds were 13 percent, compared with 14 percent in the first quarter, and flat rounds decreased markedly.
The quarter saw $18.36 billion invested in 1,152 U.S.-based companies, according to PricewaterhouseCoopers and CB Insights. This compares with investments of $14.45 billion in 1,206 companies in the first quarter. Thirty-one mega deals of $100 million or more took place during the three-month period, an increase.
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