Valuation Multiples for Private Markets
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Choose up to four industries, a region and a funding stage. The platform returns EV/Sales and EV/EBITDA for your exact blend, with quarterly history since 2000.
Industries
Weights always total 100%. Locked weights stay fixed while the others adjust.
Region
Stage
Build a valuation query
Stage-adjusted multiples for 137 DealMatrix industries across 6 regions, quarterly through Q3 2026.
- 1Compose the mixPick up to 4 industries and weight them.
- 2Set the contextChoose the region and the company’s financing stage.
- 3GenerateGet stage-adjusted EV/Sales and EV/EBITDA with full history.
Our multiples, checked against real deals.
Privately held companies that disclosed both a funding valuation and revenue. Our range brackets the actual multiple without ever seeing the deal.
| Company | Industries (blend) | Region | Stage | Round | Valuation | Revenue | Actual EV/Sales | DealMatrix EV/Sales |
|---|---|---|---|---|---|---|---|---|
 Mercury | FinTech, SaaS, Payments, Financial Services | North America | Series C | Q1 2025 | $3.5B | $500M (FY24) | 7.0× | 6.7–7.9× |
| Mercury | FinTech, SaaS, Payments | North America | Series D | Q2 2026 | $5.2B | $650M (ann.) | 8.0× | 6.9–8.3× |
 KreditBee | FinTech, Lending, Payments | Asia-Pacific | Series D | Q1 2023 | $680M | ~$96M (FY23) | 7.1× | 6.8–8.0× |
 Enpal | CleanTech, Green Energy, Financing | Europe | Series D | Q1 2023 | €2.2B | €415M (FY22) | 5.3× | 4.6–5.5× |
 Olipop | Food and Beverage, Nutrition, Consumer Goods | North America | Series C | Q1 2025 | $1.85B | $400M (FY24) | 4.6× | 4.3–5.2× |
 Bending Spoons | Apps, SaaS, Artificial Intelligence | Europe | Series D | Q1 2024 | $2.55B | $392M (FY23) | 6.5× | 5.7–6.8× |
 Plata | FinTech, Lending, Payments | Latin America | Series C | Q2 2026 | $5.0B | $600M+ (ann.) | 8.3× | 7.3–8.6× |
| KreditBee | FinTech, Lending, Payments | Asia-Pacific | Series E | Q2 2026 | $1.5B | ~$315M (FY25) | 4.8× | 4.5–5.4× |
EV/Sales = enterprise value ÷ revenue. Actual = disclosed round valuation ÷ disclosed revenue (or annualized run-rate, marked “ann.”). The DealMatrix range reflects the possible weightings across the listed industries. Deal figures come from company announcements and filed accounts linked on each company name. Company names and logos belong to their owners; no affiliation is implied.
Built for IPEV 2025 calibration
The IPEV Valuation Guidelines 2025 apply to reporting periods beginning on or after 1 April 2026. They ask valuers to calibrate a fair value to the price of the last investment and to roll that calibration forward at every measurement date as markets move.
DealMatrix gives you the market input for that step: EV/Sales and EV/EBITDA for each portfolio company's industry, funding stage and region, quarterly since 2000, with a report that documents the data release and the method.
The Venionaire DealMatrix Multiples Model
DealMatrix multiples are derived through a six-step model combining public capital market comparables and macroeconomic indicators.
The model produces three components: The reported public multiple, the model-predicted multiple, and the lower bound predicted multiple averaged into the DealMatrix Composite, then adjusted for region and funding stage. The methodology follows the IPEV Guidelines 2025.
Pricing
- 15,000+ PE/VC multiples
- 137 Industries
- EV/Sales & EV/EBITDA multiples
- 6 Regions & 7 Stages filter
- Quarterly history since 2000
- Individual sector weighting
- Unlimited workspaces
- PDF report
- CSV / Excel export
- Reopen and download again anytime, free
- Credits valid for 12 months
- Everything in Credits, plus:
- Unlimited benchmarks
- Priority support
- API accessComing soon
- Everything in Unlimited, plus:
- Individual Branding
- Custom Reports
- Premium Support
- Individual Contingent
Built by Venionaire Capital
Venionaire Capital is a Vienna-headquartered investment and advisory group that has worked in venture capital, private equity and M&A for more than a decade. Valuation is one of its corporate finance and M&A services.
DealMatrix is the data product born from that practice: the private-market benchmarking Venionaire's own deal teams rely on, made available to the wider market.
- Headquarters
- Vienna, with a presence in London, Luxembourg, New York, San Francisco, Tokyo and Riyadh
- Practice
- Fund management, corporate finance and M&A, including valuation, fundraising and restructuring
- Ecosystem
- Co-founder of the World Venture Forum, the European Super Angels Club and the Business Angel Institute
- Research
- Publisher of the European Venture Sentiment Index
Private market multiples: FAQ
Where is the data coming from?
DealMatrix multiples start from roughly 200 GICS-classified public equity indices across six regions and quarterly history since 2000. Several steps then turn this baseline into private-market multiples: a mixed linear model with eight macroeconomic factors, a regional adjustment, a mapping of the indices onto approximately 150 private-market startup categories (SaaS, marketplaces, AI infrastructure and more), and a funding-stage adjustment from Pre-Seed to Series E. The tool provides private-market multiples across 137 sectors, each modelled independently by sector, stage and region, aligned with the IPEV Guidelines 2025.
How do you select and curate the data?
DealMatrix multiples are produced through a six-step econometric model:
- Data acquisition. Roughly 200 GICS-classified public equity indices per region and quarter form the observable baseline.
- Statistical cleaning. Unusable records are removed, observations are aggregated at subsector level, and extreme values are capped (300x for EV/EBITDA, 60x for EV/Sales).
- Econometric modelling. The panel is combined with eight quarterly macroeconomic indicators per region (GDP, interest rates, inflation, money supply); a mixed linear model separates macro, sector, time and region effects, and a reported multiple, a model-predicted fair value and a conservative lower bound are averaged into one stable figure.
- Regional adjustment. A coefficient normalised to North America reflects differences in market depth, investor appetite and valuation culture.
- Industry weighting. Because startups rarely map to a single listed sub-industry, each of roughly 150 DealMatrix categories is a weighted blend of the public sub-industries whose companies are most economically comparable.
- Stage adjustment. A stage factor from Pre-Seed to Series E adds an early-stage growth premium and a late-stage pre-IPO discount, producing true private-market multiples.
The methodology follows the IPEV Guidelines 2025.
How do you ensure data accuracy?
Accuracy is built in at every layer:
- Institutional-grade public equity and macroeconomic inputs.
- Cleaning and normalisation (removal of unusable records, subsector aggregation, outlier capping) to reduce statistical noise.
- A mixed linear model that separates macroeconomic, sector, time and region effects, then averages a reported multiple, a model-predicted fair value and a conservative lower bound into one stable figure.
- Every sector, stage and region combination modelled independently (around 49,000 data points), refreshed quarterly.
The output complies with the IPEV Guidelines 2025.
How wide is the coverage?
Coverage is granular and modelled independently for each combination:
- 137 private-market sectors, mapped from roughly 200 GICS-classified public indices.
- 7 funding stages, Pre-Seed to Series E.
- 6 global regions (Europe, North America, APAC and more).
- quarterly history since 2000, both EV/Sales and EV/EBITDA.
Around 49,000 sector-stage-region data points, updated each quarter.
Why use the Multiples App by Venionaire DealMatrix?
You get private-market multiples calibrated to how startups are valued at each funding stage, sector and region. Roughly 200 public equity indices are mapped onto approximately 150 private-market startup categories and adjusted by region and by funding stage (Pre-Seed to Series E), adding an early-stage growth premium and a late-stage pre-IPO discount. A six-step econometric model over data since 2000, refreshed quarterly and aligned with the IPEV Guidelines 2025, delivers market-realistic private-market valuation ranges by sector, stage and region.