On July 30th, 2025, you’ll be upgraded to the latest version of Equidam with updated valuation parameters. This may result, on average, in a slight valuation increase.
What’s changing
1 | Average valuations used in the Scorecard Method and maximum valuations used in the Checklist Method
We base our estimates on real transactions by country since January 15th, 2023. Whenever we were not able to find a significant amount of real pre-money valuations in a given country, we broadened our perspective to the closest larger geographic entity (namely, continental region and continent). You can refer to the table at this link to see how they will change for your country specifically.
2 | Industry EBITDA multiples used in the VC and DCF with multiple methods
Our multiples are based on public market conditions at the beginning of the current year. Data is taken at the global level and aggregated by industry. You can refer to the table at this link to see how they will change for your industry specifically.
3 | Discount rate components used in the two DCF methods
Most of the parameters determining the discount rate have been updated to reflect the most recent market situation in terms of systemic and industry-specific risk. You will be able to see these parameters in your valuation reports.
4 | Required ROI in the VC Method
The coming update to our VC Method ROI parameters incorporates success-rate data, dilution benchmarks, and exit-timing research to recalibrate the stage-specific required returns investors must target.
5 | Five new countries added to the platform
Great startups can come from anywhere. In this update, we’ve added five new countries to the platform: Vietnam, Morocco, Bangladesh, Thailand and Pakistan. See the full list of supported countries.
General comments on the effect of the changes
Amid a global venture capital market increasingly focused on Artificial Intelligence and a broader flight to quality, several European and Middle Eastern startup hubs experienced significant valuation growth in the first half of 2025. European nations saw some of the most dramatic increases, with top-quartile valuations in Estonia soaring by 52.7% and in Sweden by 49.7%, fueled by strong government backing for deep tech, significant AI-related funding rounds, and a resilient European VC market. Spain also emerged as a high-growth ecosystem, with top-quartile valuations jumping 45% following the implementation of its new “Startup Law” and the effective use of EU funds. In the Middle East, Jordan saw a remarkable 73.2% rise in its median valuation, a surge directly linked to focused government initiatives like the “REACH 2025” ICT strategy and the prestige associated with Amman being named the “Arab Digital Capital for 2025.”
Conversely, several prominent ecosystems, particularly in Asia, faced sharp valuation declines. The most significant downturns were seen in Taiwan (-69.4% top-quartile valuation), Indonesia (-55.4%), and the Philippines (-57.0%). Taiwan’s precipitous drop is largely attributed to heightened geopolitical risks impacting investor confidence. The decline in Indonesia and the Philippines reflects a wider trend in Southeast Asia, where investment is pivoting away from the consumer-focused apps that defined those markets and towards B2B and deep tech, with capital becoming more concentrated in Singapore. In Europe, the United Kingdom experienced a notable 15.4% dip in top-quartile valuations as it was surpassed by Germany in quarterly VC investment for the first time since 2012, signalling a more cautious and competitive climate. It is important to note that while the provided data shows a steep decline for hubs like Israel and Saudi Arabia, this is starkly contradicted by recent market reports from H1 2025 which indicate a funding boom in both nations, suggesting the provided figures for these two countries may be an anomaly.
The public market EBITDA multiples for various industries underwent notable shifts as of July 2025, with significant increases observed in energy, commodities, financial, and consumer sectors. For example, Oil and Gas Transportation Services rose by 237%, Coal by 119%, Aluminum by 107%, Banks by 116%, Non-Alcoholic Beverages by 112%, and Discount Stores by 124%, reflecting a broader trend of heightened valuations in resource-intensive and domestically oriented industries. These upticks can be linked to global economic resilience despite uncertainties, including sharply declining interest rates that bolstered financial sectors and encouraged investment in stable assets. Additionally, the implementation of new US tariff policies under the incoming administration triggered a stock market crash in April 2025, increasing volatility but ultimately favoring protected domestic producers in energy and commodities amid supply chain disruptions and emphasis on energy security from ongoing geopolitical conflicts like those in Ukraine and the Middle East.
In contrast, multiples declined sharply in technology, healthcare, and certain industrial sectors, such as Biotechnology by 51%, Online Services by 37%, Broadcasting by 54%, Aerospace and Defense by 30%, and Household Electronics by 42%, indicating reduced growth expectations and risk repricing. These decreases align with waning momentum in AI-driven investments during the first half of 2025, compounded by the tariff-induced market correction that heightened overall volatility and led to downgrades in earnings forecasts for export-reliant or innovation-heavy industries. Sectors like Agricultural Chemicals (down 43%) and Integrated Oil and Gas (down 56%) may have been further pressured by global trade disruptions and shifts toward renewable alternatives, as countries invested more in nuclear and clean energy amid climate action commitments leading into COP30.
Please don’t hesitate to let us know if you have any questions. Thanks for using Equidam!
The Equidam Team