      Tomasz Tunguz Blog · 2020-08-10
      · 2124d
    

Reconciling Conflicting Data Sources on US Early-Stage Venture Market Health During COVID-19

Tomasz Tunguz analyzes divergent data on the early-stage venture market during COVID-19, comparing AngelList transactional data showing resilience against Crunchbase data indicating significant declines. The analysis identifies potential explanations for the discrepancies, including definitional differences, reporting latency, and different investor population samples across datasets.

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Metrics in this report

Pre-seed Pre-Money Valuation

5$M

current

From mid-2018 highs of $10M

Pre-seed and Seed Round Size Decline

20-30%

reduction from highs

Pre-seed and seed stages, AngelList data

Seed Investment Decline

40%

reduction

Q2 2020 vs prior quarter, Crunchbase data

Seed Pre-Money Valuation

10$M

persistent

Seed stage rounds

Series A Deal Pace Decline

30%

reduction

NVCA Venture Monitor data

Series A Investment Growth

42%

increase

Q2 2020 vs prior quarter, Crunchbase data

Series A Pre-Money Valuation

30$M

oscillating range

Two-year period