Private market Median pre-money valuation ($M) by stage, 2013 to 2023 valuations Seed Series A reset to Valuation Valuation long-term 55% $6M $30M averages $4M $20M $2M $10M of US of US 56% Median 55% median median 10YR average Q3’13 Q2’23 Q3’13 Q2’23 5YR average Series B Valuation 66% $100M of US median $50M Source: Pitchbook Q3’13 Q2’23 Notes: Data is as of 15 May 2023.