You can refer to the table below to see how the average valuation for the Scorecard Method and maximum valuation for the Checklist Method will change for your country specifically after February 13rd, 2020.
We base our new country estimates on real transactions by country since November 1st, 2016. Whenever we were not able to find a large enough sample of pre-money valuations in a given country, we broadened our perspective the closest larger geographic entity (namely, region and continent).
| Country | Currency | Old Checklist Maximum | New Checklist Maximum | % change | Old Scorecard Average | New Scorecard Average | % change |
| Albania | ALL | 529.800.000 | 507.800.000 | ↓ -4% | 269.868.565 | 257.219.879 | ↓ -5% |
| Argentina | ARS | 176.700.000 | 265.400.000 | ↑ 50% | 83.183.766 | 110.591.586 | ↑ 33% |
| Aruba | AWG | 7.100.000 | 6.500.000 | ↓ -8% | 3.341.120 | 3.088.252 | ↓ -8% |
| Australia | AUD | 8.700.000 | 8.500.000 | ↓ -2% | 4.214.254 | 3.879.832 | ↓ -8% |
| Austria | EUR | 5.000.000 | 5.100.000 | ↑ 2% | 2.417.294 | 2.418.217 | ↔ 0% |
| Bahamas | BSD | 3.900.000 | 3.600.000 | ↓ -8% | 1.856.170 | 1.715.694 | ↓ -8% |
| Bahrain | BHD | 1.800.000 | 2.200.000 | ↑ 22% | 754.771 | 946.072 | ↓ 25% |
| Barbados | BBD | 7.900.000 | 7.200.000 | ↓ -9% | 3.712.340 | 3.431.387 | ↓ -8% |
| Belgium | EUR | 5.000.000 | 5.100.000 | ↑ 2% | 2.417.294 | 2.418.217 | ↔ 0% |
| Bermuda | BMD | 7.900.000 | 7.900.000 | ↔ 0% | 3.911.921 | 3.872.393 | ↓ -1% |
| Bolivia | BOB | 27.200.000 | 25.000.000 | ↓ -8% | 12.825.599 | 11.843.152 | ↓ -8% |
| Bosnia and Herzegovina | BAM | 8.400.000 | 8.100.000 | ↓ -4% | 4.278.567 | 4.120.725 | ↓ -4% |
| Brazil | BRL | 9.300.000 | 10.300.000 | ↑ 11% | 5.240.594 | 5.500.327 | ↑ 5% |
| Bulgaria | BGN | 8.500.000 | 8.900.000 | ↑ 5% | 3.935.717 | 4.120.512 | ↑ 5% |
| Burkina Faso | XAF | 2.028.600.000 | 2.377.800.000 | ↑ 17% | 875.752.006 | 1.028.981.152 | ↑ 17% |
| Canada | CAD | 8.700.000 | 9.100.000 | ↑ 5% | 4.482.872 | 4.469.361 | ↔ 0% |
| Cayman Islands | KYD | 6.600.000 | 6.600.000 | ↔ 0% | 3.259.940 | 3.226.983 | ↓ -1% |
| Chile | CLP | 2.704.600.000 | 2.805.900.000 | ↑ 4% | 1.273.397.825 | 1.330.781.811 | ↑ 5% |
| China | CNY | 51.900.000 | 55.600.000 | ↑ 7% | 26.980.318 | 28.894.476 | ↑ 7% |
| Colombia | COP | 12.932.800.000 | 11.846.100.000 | ↓ -8% | 6.089.182.859 | 5.618.447.337 | ↓ -8% |
| Costa Rica | CRC | 2.344.900.000 | 2.068.500.000 | ↓ -12% | 1.104.072.736 | 981.065.307 | ↓ -11% |
| Croatia | HRK | 31.700.000 | 31.000.000 | ↓ -2% | 16.160.870 | 15.683.649 | ↓ -3% |
| Cyprus | EUR | 4.300.000 | 4.200.000 | ↓ -2% | 2.187.597 | 2.106.893 | ↓ -4% |
| Czech Republic | CZK | 111.300.000 | 115.300.000 | ↑ 4% | 51.764.628 | 53.170.009 | ↑ 3% |
| Denmark | DKK | 40.100.000 | 30.200.000 | ↓ -25% | 17.586.627 | 12.576.055 | ↓ -28% |
| Dominican Republic | DOP | 199.800.000 | 191.900.000 | ↓ -4% | 94.080.411 | 91.034.317 | ↓ -3% |
| Ecuador | USD | 3.900.000 | 3.600.000 | ↓ -8% | 1.856.170 | 1.715.694 | ↓ -8% |
| Egypt | EGP | 88.400.000 | 82.200.000 | ↓ -7% | 23.804.068 | 22.150.120 | ↓ -7% |
| Estonia | EUR | 5.400.000 | 4.700.000 | ↓ -13% | 2.355.467 | 1.930.055 | ↓ -18% |
| Finland | EUR | 5.400.000 | 3.800.000 | ↓ -30% | 2.355.467 | 2.035.134 | ↓ -14% |
| France | EUR | 3.900.000 | 3.700.000 | ↓ -5% | 2.055.437 | 2.073.835 | ↑ 1% |
| Germany | EUR | 5.700.000 | 5.400.000 | ↓ -5% | 2.679.192 | 2.456.732 | ↓ -8% |
| Gibraltar | GIP | 3.700.000 | 3.600.000 | ↓ -3% | 1.889.996 | 1.803.248 | ↓ -5% |
| Greece | EUR | 4.300.000 | 4.200.000 | ↓ -2% | 2.187.597 | 2.106.893 | ↓ -4% |
| Hong Kong | HKD | 65.900.000 | 53.800.000 | ↓ -18% | 31.670.682 | 26.830.062 | ↓ -15% |
| Hungary | HUF | 1.397.700.000 | 1.527.000.000 | ↑ 9% | 650.117.014 | 703.940.850 | ↑ 8% |
| Iceland | ISK | 735.300.000 | 761.300.000 | ↑ 4% | 322.201.710 | 328.767.535 | ↑ 2% |
| India | INR | 279.900.000 | 353.800.000 | ↑ 26% | 122.619.518 | 138.017.568 | ↑ 13% |
| Indonesia | IDR | 84.795.300.000 | 76.548.000.000 | ↓ -10% | 36.262.234.794 | 33.223.086.835 | ↓ -8% |
| Ireland | EUR | 5.400.000 | 5.200.000 | ↓ -4% | 2.355.467 | 2.182.425 | ↓ -7% |
| Isle of Man | GBP | 4.600.000 | 4.700.000 | ↑ 2% | 2.035.030 | 2.051.009 | ↑ 1% |
| Israel | ILS | 31.000.000 | 27.700.000 | ↓ -11% | 14.978.481 | 13.568.052 | ↓ -9% |
| Italy | EUR | 5.300.000 | 5.200.000 | ↓ -2% | 2.492.851 | 2.414.098 | ↓ -3% |
| Ivory Coast | XAF | 2.028.600.000 | 2.377.800.000 | ↑ 17% | 875.752.006 | 1.028.981.152 | ↑ 17% |
| Jamaica | JMD | 538.300.000 | 478.200.000 | ↓ -11% | 253.461.352 | 226.821.957 | ↓ -11% |
| Japan | JPY | 836.200.000 | 809.400.000 | ↓ -3% | 434.691.522 | 414.615.910 | ↓ -5% |
| Jordan | JOD | 3.400.000 | 4.100.000 | ↑ 21% | 1.419.102 | 1.780.106 | ↑ 25% |
| Korea, Republic of | KRW | 8.938.300.000 | 8.521.300.000 | ↓ -5% | 4.646.274.378 | 4.365.297.908 | ↓ -6% |
| Kuwait | KWD | 1.500.000 | 1.700.000 | ↑ 13% | 608.777 | 761.975 | ↑ 25% |
| Latvia | EUR | 5.400.000 | 5.500.000 | ↑ 2% | 2.355.467 | 2.396.375 | ↑ 2% |
| Liechtenstein | CHF | 7.600.000 | 5.600.000 | ↓ -26% | 3.511.524 | 2.615.543 | ↓ -26% |
| Lithuania | EUR | 5.400.000 | 5.500.000 | ↑ 2% | 2.355.467 | 2.396.375 | ↑ 2% |
| Luxembourg | EUR | 5.000.000 | 5.100.000 | ↑ 2% | 2.417.294 | 2.418.217 | ↔ 0% |
| Malaysia | MYR | 21.100.000 | 21.000.000 | ↔ 0% | 11.122.092 | 10.718.848 | ↓ -4% |
| Malta | EUR | 4.300.000 | 4.200.000 | ↓ -2% | 2.187.597 | 2.106.893 | ↓ -4% |
| Mauritius | MUR | 121.300.000 | 135.100.000 | ↑ 11% | 52.349.318 | 66.561.137 | ↑ 27% |
| Mexico | MXN | 94.600.000 | 97.700.000 | ↑ 3% | 35.207.488 | 39.338.878 | ↑ 12% |
| New Zealand | NZD | 8.800.000 | 8.500.000 | ↓ -3% | 4.316.168 | 3.913.516 | ↓ -9% |
| Nigeria | NGN | 1.800.000.000 | 1.331.200.000 | ↓ -26% | 605.880.506 | 584.068.502 | ↓ -4% |
| Norway | NOK | 52.600.000 | 54.900.000 | ↑ 4% | 23.061.817 | 23.705.224 | ↑ 3% |
| Panama | PAB | 3.900.000 | 3.600.000 | ↓ -8% | 1.856.170 | 1.715.694 | ↓ -8% |
| Paraguay | PYG | 25.028.500.000 | 23.488.700.000 | ↓ -6% | 11.784.213.313 | 11.140.378.019 | ↓ -5% |
| Peru | PEN | 13.100.000 | 12.100.000 | ↓ -8% | 6.153.175 | 5.716.769 | ↓ -7% |
| Philippines | PHP | 308.900.000 | 282.300.000 | ↓ -9% | 132.103.037 | 122.530.937 | ↓ -7% |
| Poland | PLN | 18.600.000 | 15.200.000 | ↓ -18% | 8.645.686 | 9.084.459 | ↑ 5% |
| Portugal | EUR | 4.300.000 | 4.500.000 | ↑ 5% | 2.187.597 | 2.287.049 | ↑ 5% |
| Qatar | QAR | 17.500.000 | 21.000.000 | ↑ 20% | 7.287.596 | 9.141.416 | ↑ 25% |
| Romania | RON | 20.600.000 | 21.800.000 | ↑ 6% | 9.574.966 | 10.068.996 | ↑ 5% |
| Russia | RUB | 585.900.000 | 496.000.000 | ↓ -15% | 224.515.040 | 188.133.718 | ↓ -16% |
| Saudi Arabia | SAR | 18.000.000 | 21.600.000 | ↑ 20% | 7.506.551 | 9.421.353 | ↑ 26% |
| Senegal | XAF | 2.028.600.000 | 2.377.800.000 | ↑ 17% | 875.752.006 | 1.028.981.152 | ↑ 17% |
| Serbia | RSD | 506.500.000 | 489.400.000 | ↓ -3% | 258.019.011 | 247.911.942 | ↓ -4% |
| Singapore | SGD | 10.900.000 | 9.400.000 | ↓ -14% | 4.116.140 | 3.816.604 | ↓ -7% |
| Slovakia | EUR | 4.300.000 | 4.600.000 | ↑ 7% | 2.012.300 | 2.106.784 | ↑ 5% |
| Slovenia | EUR | 4.300.000 | 4.200.000 | ↓ -2% | 2.187.597 | 2.106.893 | ↓ -4% |
| South Africa | ZAR | 49.200.000 | 53.200.000 | ↑ 8% | 21.244.173 | 26.210.437 | ↑ 23% |
| Spain | EUR | 2.900.000 | 3.000.000 | ↑ 3% | 1.600.041 | 1.715.960 | ↑ 7% |
| Sweden | SEK | 58.100.000 | 76.400.000 | ↑ 31% | 25.438.813 | 32.460.686 | ↑ 28% |
| Switzerland | CHF | 7.600.000 | 6.800.000 | ↓ -11% | 3.511.524 | 3.342.590 | ↓ -5% |
| Taiwan | TWD | 235.400.000 | 220.400.000 | ↓ -6% | 122.374.839 | 112.907.153 | ↓ -8% |
| The Netherlands | EUR | 5.000.000 | 6.000.000 | ↑ 20% | 2.417.294 | 2.139.855 | ↓ -11% |
| Trinidad and Tobago | TTD | 26.700.000 | 24.400.000 | ↓ -9% | 12.579.639 | 11.572.106 | ↓ -8% |
| Tunisia | TND | 10.400.000 | 11.300.000 | ↑ 9% | 4.498.189 | 4.910.601 | ↑ 9% |
| Turkey | TRY | 28.700.000 | 44.000.000 | ↑ 53% | 11.974.847 | 15.793.212 | ↑ 32% |
| Ukraine | UAH | 127.300.000 | 121.700.000 | ↓ -4% | 59.189.471 | 56.085.441 | ↓ -5% |
| United Arab Emirates | AED | 17.600.000 | 19.700.000 | ↑ 12% | 7.352.147 | 10.693.024 | ↑ 45% |
| United Kingdom | GBP | 4.900.000 | 5.000.000 | ↑ 2% | 2.088.100 | 2.115.951 | ↑ 1% |
| United States | USD | 8.000.000 | 8.000.000 | ↓ 0% | 3.966.457 | 3.918.222 | ↓ -1% |
| Uruguay | UYU | 138.300.000 | 135.300.000 | ↓ -2% | 65.115.935 | 64.176.926 | ↓ -1% |
| Venezuela | VEF | 2.046.859.707 M | 23.205.310.913 M | ↑ 1034% | 963.725.546 M | 11.005.984.153 M | ↑ 1042% |
Valuations in seed phase rounds (angel, pre-seed, and seed) have increased worldwide. By macro areas, the median valuation is comparable among Asia, Europe, Oceania and Africa. North America has the highest median valuation among all areas, while Southern American countries are the one having the lowest median valuation.
Angel, pre-seed and seed rounds kept decreasing in number, confirming the downward trend since 2018, while the median valuation of rounds keep increasing. In the below chart is possible to notice a growth in median valuation since the last semester of 2016 in North America. The median valuation in the second semester of 2016 was $3 M while in the same period of 2019 the median valuation was $5 M (66% growth).
In Europe, the trend of less angel, pre-seed and seed rounds is confirmed and, as often occurs, the growth in median valuation was also smaller. In the second semester of 2016 the median valuation was $ 1.8 M and in the same period of 2019 it was $ 2.4 M (33% growth).
The increase in valuation for angel, pre-seed and seed rounds leads to higher average and maximum valuations, resulting in a higher valuation.