When coronavirus fears sent stocks tumbling this spring, venture capitalists expected startup valuations to follow.
Instead, late-stage valuations for U.S. startups have risen in the first half of 2020 as the stock market, shaking off fears of a pandemic-caused recession, rebounded.
The median valuation for Series C or later-stage financings increased to a new high of $120 million in the first half of this year, from $80 million for 2019, according to data provided to The Information by research firm PitchBook, which looked at pre-money pricing, or the value of a company excluding the recent round of funding. Propelling the rise, tech unicorns like DoorDash, Instacart and Stripe raised capital to sustain growth and to protect themselves from economic uncertainty.
