Explore private-market valuation multiples for Series B, with benchmarks structured by sector and region. Updated quarterly.
Series B is the scaling stage, where go-to-market efficiency and unit economics start to anchor the multiple. Growth is still central, but investors increasingly reward profitable, efficient expansion.
As companies scale, EV/Sales compresses toward more grounded levels and EV/EBITDA becomes more relevant for those approaching profitability.
Indicative range as of 31 March 2025 · median across sectors and regions
DealMatrix multiples are derived from institutional-grade public-market index data covering ~150 GICS sub-industries across 6 regions, with quarterly history back to 2000. Index data is licensed from leading market-data providers — in line with licensing terms we publish derived multiples, not raw vendor data. The methodology follows the IPEV Guidelines 2025. Published benchmarks are illustrative and dated; because IPEV 2025 prohibits static multiples for reporting periods from 1 April 2026, current quarterly data for valuation work is available on the platform.
DealMatrix multiples are proprietary private-market benchmarks, derived through a six-step model that translates public capital-market index comparables into private-market segments and funding stages, adjusted for macroeconomic conditions.
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.
Multiples compress as companies mature. Compare this stage with the rest of the funding ladder to see how EV/Sales and EV/EBITDA evolve from Pre-Seed through Series E.
What is the average valuation multiple for Series B companies?
As of 31 March 2025, the Series B sector benchmark was an EV/Sales multiple of about 2.5× and an EV/EBITDA multiple of about 11.6× (median across six regions). Multiples vary by funding stage and region; stage-level and current-quarter figures are available in DealMatrix.
What is the difference between EV/Sales and EV/EBITDA for Series B?
EV/Sales (enterprise value ÷ revenue) is used for high-growth Series B companies that are not yet profitable, while EV/EBITDA (enterprise value ÷ operating profit) applies to mature, profitable ones. Early-stage companies are usually benchmarked on EV/Sales.
How are Series B valuation multiples calculated?
Each Series B multiple is a weighted blend of public-market index comparables, cleaned for outliers and gaps, then adjusted for macroeconomic conditions, region, and funding stage through a six-step model that follows the IPEV Guidelines 2025.
Do Series B valuation multiples vary by region?
Yes. North America serves as the reference market and typically carries the highest multiples, while emerging markets trade at a structural discount. Region-specific figures are available in the DealMatrix platform.
How current is this Series B data and how often is it updated?
The benchmark shown is an illustrative annual figure as of 31 March 2025. The underlying model is updated every quarter. Because the IPEV Guidelines 2025 prohibit static multiples for reporting periods from 1 April 2026, current quarterly data for valuations is available in the DealMatrix platform.
