{"id":247536,"date":"2025-04-04T11:10:23","date_gmt":"2025-04-04T14:10:23","guid":{"rendered":"https:\/\/valoriza.com\/?p=247536"},"modified":"2026-02-12T16:56:08","modified_gmt":"2026-02-12T19:56:08","slug":"valorizaciones-pre-money-2025","status":"publish","type":"post","link":"https:\/\/valoriza.com\/en\/articulos\/valoriza-en-la-prensa\/valorizaciones-pre-money-2025\/","title":{"rendered":"Pre-Money Valuations in Startups: Are we going back to \"Hot Valuations\"?"},"content":{"rendered":"

In conjunction with the\u00a0Diario Financiero<\/a><\/strong>In this section, we conducted an analysis of the\u00a0Pre-Money valuations\u00a0<\/strong>en 2025. Entre otras cosas, determinamos que se est\u00e1 mostrando un repunte a niveles del 2021 en todas las series. Entre 2015 y 2021, tanto en EE.UU. como en Europa, hubo una tendencia al alza en las valorizaciones de empresas, alcanzando su peak en 2021.<\/p>\n\n\n\n

After a dip during 2022 and 2023 in the U.S., 2024 rebounded, and 2025 confirms an upward trend. In Europe, although Series B and C were the most affected by the downturn (or correction), 2025 also reflects a shift in the curve back to 2021 levels, with 499 deals recorded to date.<\/p>\n\n\n\n

\"So far in 2025, with almost 1,600 transactions, Pre-Money valuations appear to be back to 2021 levels in the US and Europe. However, a significant gap persists, with valuations in the US being 42% (average of the gaps to 2025) higher than in Europe,\" explains Max Errazuriz, Managing Partner at Valoriza.<\/p>\n\n\n\n

\"In the case of LATAM, there is evidence of a consistent increase from 2015 to 2022 for the Seed and A series, with 350% and 1.060%, respectively. However, in 2023 both series show declines of 44% and 48%, but only the Seed series rises in 2024,\" said Tom\u00e1s S\u00e1nchez, partner of the firm.<\/p>\n\n\n\n

\"valoraciones<\/figure>\n\n\n\n

<\/p>\n\n\n\n

\"valoraciones<\/figure>\n\n\n\n

<\/p>\n\n\n\n

\"valoraciones<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Gap analysis between geographies<\/h2>\n\n\n\n

The valuation gap is consistently and vastly superior in the United States in all rounds. The differences in the Pre-Money valuations<\/strong> between the U.S. and Europe are higher in earlier rounds of capital raising (Seed Series are on average 132% higher in the U.S. versus Europe for the last 10 years, considering 2025).<\/p>\n\n\n\n

\u201cSi bien las diferencias en Pre-Money valuations<\/strong> are gradually falling as the rounds get more advanced, in the C series there is still a difference of 32% in favor of the United States,\" says Sanchez.<\/p>\n\n\n\n

\u201cPara el caso Latam, las brechas con respecto a EE.UU. son claras. Para el periodo comprendido entre 2015 y 2025, se evidencian brechas promedio de 156% y 50% para las Series Seed y A, respectivamente\u201d, dice Err\u00e1zuriz.<\/p>\n\n\n\n

\"valoraciones<\/figure>\n\n\n\n

<\/p>\n\n\n\n

\u201cSi bien, las brechas tienden a acortarse a lo largo del periodo para ambas series, estas persisten hacia el a\u00f1o 2024 con diferencias de un 99% y 33% respectivamente\u201d, continu\u00f3 el financiero.<\/p>\n\n\n\n

\"valoraciones<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Convergence analysis of Pre-Money valuations<\/h2>\n\n\n\n

Since 2015, there has been a gradual convergence of the valuations between geographies<\/strong>which breaks down in 2022. From 2015 to 2021-22 there was a noticeable downward trend in the differences of Pre-Money valuation<\/strong> between the United States and Europe in the Seed Series, which is reversed post-pandemic, reaching 139% of differences in the inter-market valuations<\/strong> the year 2024. This uptick in post-pandemic differences occurs in both early and late rounds (Series A, B and C).<\/p>\n\n\n\n

\"In 2015 the valuation gap in the B series was 58%, with the gap narrowing to 33% in 2021. However, we see how the 2024 numbers show that the gap between the U.S. and Europe increases again to 58%,\" said Pablo Vergara, Consultant at Valoriza.<\/p>\n\n\n\n

Between the U.S. and Latam, there is a marked convergence between 2015 and 2018, and that trend continues until 2022, and diverges again in recent years. Last year. The valuations in the United States<\/strong> were almost double in the Seed series, and 33% higher in the A series,\" says Sanchez.<\/p>\n\n\n\n

Volatility analysis<\/h2>\n\n\n\n

Series C is the most volatile in the comparison between the US and Europe. Unlike other stages, Series C shows significant fluctuations, going from a gap of 64% by 2015 in favor of the U.S. to 121% by 2024 in favor of the U.S. again.<\/p>\n\n\n\n

2025 shows an anomaly in the B Series. While in almost every year the difference in Series B valuations favors the U.S. (positive values), in 2025 there is a drastic change, with Europe being 37% above the U.S. (it is important to consider that for this round in 2025 only 112 Deals were considered in the U.S. and 43 in Europe).<\/p>\n\n\n\n

In the case of Latam, there is some consistency for the Seed and A series, while the B and C series were omitted, since the low volume does not allow for a rigorous analysis.<\/p>\n\n\n\n

Europe vs Latam<\/h2>\n\n\n\n

The valuation of Europe and Latin America show similar trends and orders of magnitude in terms of valuations.<\/p>\n\n\n\n

Europe is more consistent in its upward trend while LATAM tends to have ups and downs and a peak in 2022 where the gap reaches 135% in favor of Latin America, to return to historical differences during the last years.<\/p>\n\n\n\n

\"valoraciones<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Looking for a fair valuation for your startup?<\/h2>\n\n\n\n

At Valorize<\/strong> we are experts in financial consulting and startup valuation<\/strong>. We help you determine the fair value of your company, with internationally recognized methodologies and a strategic view that enhances your negotiation capacity.<\/p>\n\n\n\n

Contact us at <\/a>here<\/a> and turn your vision into a real opportunity for growth.<\/p>","protected":false},"excerpt":{"rendered":"

An\u00e1lisis muestra que las valorizaciones Pre-Money en 2025 repuntan a niveles de 2021, con brechas persistentes entre EE.UU., Europa y LATAM.<\/p>","protected":false},"author":5,"featured_media":249076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[24],"tags":[],"class_list":["post-247536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-valoriza-en-la-prensa"],"_links":{"self":[{"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/posts\/247536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/comments?post=247536"}],"version-history":[{"count":4,"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/posts\/247536\/revisions"}],"predecessor-version":[{"id":250055,"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/posts\/247536\/revisions\/250055"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/media\/249076"}],"wp:attachment":[{"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/media?parent=247536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/categories?post=247536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/valoriza.com\/en\/wp-json\/wp\/v2\/tags?post=247536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}