Pre-money Time to
Round Age Valuation Investor
Equity Interest Exit(Yrs) Multiple
Seed 0-3 mos $500k -3 m Angels 20-35% 6-8 10+x
Early 1 yr $3-15 m VC’s 20-30% 4-7 8-10X
Mid 1-2 yrs $15-75 m VC’s, Corporate <25% 2-3 5-8X
Late 3-4 yrs $70-150 m Institutions <10% 1-2
2-4x