EXECUTIVE SUMMARY Investment Activity in 2021
54
Decreased Variation in Valuations FIGURE G
40
Overall, valuations were lower in 2021 than in 2020. The median valuation in 2021 was $5 million, a decrease from $6 million in 2020. There is less variation in valuations in 2021 com- pared to 2020 with half of invest- ments valued between $2 million and $6 million and slightly more than half (55%) valued at $6 million or less. 27% of early-stage investments were made at valuations of $10 million and above (similar to the proportion in 2020).
30
20
10
Up to $2m $2-4m $4-6m $6-8m $8-10m $10m+
Valuations in Millions of $
BY PROFESSOR COLIN MASON
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