Of particular note, median pre-money valuations increased in Q2 across all deal stages. The median pre-money valuation for Series A deals reached $22 million in Q2, a level not seen since this report commenced more than ten years ago. One observation is with more sources of seed capital now available, companies that now successfully raise a Series A round are further along with stronger revenues than in years past, which may at least partially account for the significant Series A uptick. Deal terms during the quarter trended toward favoring the entrepreneur. We saw decreases in deals with full participating liquidation preferences, as well as decreases in deals including pay-to-play provisions.

https://www.cooleygo.com/trends/