Both the average valuation of the Scorecard method and the maximum valuation of the Checklist method are based on a database of pre-money valuations of private company transactions that actually occurred on the market.

Equidam’s datasource for comparable market transactions is crunchbase.com. 

The database is populated with pre-money valuations of Angel, Pre-Seed, and Seed stage transactions that have taken place in the previous 30 months.

Comparable companies are identified by country. If the number of transactions is below a certain threshold for a given geography, the subset of the database is redefined first at macro-region, then at continent level. Updates are scheduled every 6 months.

Outliers are removed according to standard statistical approaches, both for the average valuation and for the maximum valuation (including – for the latter – skimming the top 10% valuations as a prudent approach).

The resulting average and maximum pre-money valuations per country are reported here.