VENIONAIRE DEALMATRIX MULTIPLES

Valuation Multiples by Stage

Explore private-market valuation multiples across 7 funding stages, with benchmarks structured by sector and region. Updated quarterly. Built for practitioners.

Indicative directional ranges on a public-market-index basis, as of 31 March 2025. Live quarterly figures — by sector, stage and region — are in the DealMatrix platform.

StagePre-Seed3.5–6× EV/Sales · 16.5–25× EV/EBITDAThe earliest priced rounds — valued on vision, team and market, almost entirely on revenue multiples.StageSeed2.5–4.5× EV/Sales · 13.5–20.5× EV/EBITDAFirst institutional money — still revenue-multiple driven, with early traction starting to matter.StageSeries A2–3.5× EV/Sales · 10.5–16× EV/EBITDAProduct-market fit and repeatable growth — the classic EV/Sales benchmark stage.StageSeries B2–3× EV/Sales · 9–14× EV/EBITDAScaling go-to-market — efficiency and unit economics start to anchor the multiple.StageSeries C1.5–3× EV/Sales · 8–12.5× EV/EBITDAProven scale — EV/EBITDA becomes increasingly relevant alongside EV/Sales.StageSeries D1.5–3× EV/Sales · 7–11× EV/EBITDALate-stage growth — multiples compress as growth normalises and profitability is in view.StageSeries E1–2.5× EV/Sales · 6.5–10× EV/EBITDAPre-exit maturity — valued increasingly like public peers on earnings.StagePre-Seed3.5–6× EV/Sales · 16.5–25× EV/EBITDAThe earliest priced rounds — valued on vision, team and market, almost entirely on revenue multiples.StageSeed2.5–4.5× EV/Sales · 13.5–20.5× EV/EBITDAFirst institutional money — still revenue-multiple driven, with early traction starting to matter.StageSeries A2–3.5× EV/Sales · 10.5–16× EV/EBITDAProduct-market fit and repeatable growth — the classic EV/Sales benchmark stage.StageSeries B2–3× EV/Sales · 9–14× EV/EBITDAScaling go-to-market — efficiency and unit economics start to anchor the multiple.StageSeries C1.5–3× EV/Sales · 8–12.5× EV/EBITDAProven scale — EV/EBITDA becomes increasingly relevant alongside EV/Sales.StageSeries D1.5–3× EV/Sales · 7–11× EV/EBITDALate-stage growth — multiples compress as growth normalises and profitability is in view.StageSeries E1–2.5× EV/Sales · 6.5–10× EV/EBITDAPre-exit maturity — valued increasingly like public peers on earnings.

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Coverage

Funding Stages

Private Market

Benchmarks

EV/Sales; EV/EBITDA

Valuation Multiples

Quarterly

Updated

VENIONAIRE DEALMATRIX MULTIPLES

Valuation Multiples by Stage

COMPANY VALUATION

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