On February 16th, 2026, 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 1st, 2026. 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.
General comments on the effect of the changes
The most striking shift in this update is the sharp recovery of several Asian startup ecosystems that had experienced steep declines in mid-2025. Taiwan saw its top-quartile valuation nearly triple (+195%), the Philippines surged by 163%, and Indonesia rose by 163%, reversing the dramatic losses recorded just six months ago. This rebound reflects a renewed wave of investment activity across Asia-Pacific in the second half of 2025, driven by a more stabilized geopolitical climate, a recovery in semiconductor demand benefiting Taiwan, and a broadening of Southeast Asian venture capital beyond consumer apps into deeptech and B2B. In the Middle East, Saudi Arabia‘s top-quartile valuation jumped 43%, aligning with the Kingdom’s continued push to diversify its economy through Vision 2030 and a sustained increase in venture funding. The Cayman Islands also saw a notable 50% increase in maximum valuations, likely reflecting an uptick in fund structuring activity as global capital flows stabilized.
On the other hand, several ecosystems that had surged in the first half of 2025 saw corrections in this update. Sweden experienced the sharpest decline, with top-quartile valuations falling 42% after an exceptional 50% increase in the previous period. Spain dropped 35% following its earlier 45% jump, suggesting that the initial boost from its Startup Law has now been absorbed into baseline valuations. Egypt (-40%), Tunisia (-40%), and several Sub-Saharan African markets including South Africa (-39%), Kenya (-39%), Burkina Faso and Senegal (-39%) saw significant declines, reflecting tighter dollar liquidity in emerging markets, currency depreciation pressures, and a more cautious stance from international investors toward frontier markets. Switzerland (-10%) and the broader Nordic region also showed modest pullbacks.
Public market EBITDA multiples shifted notably in the second half of 2025. The most significant increases were seen in the Reinsurance sector (+689%), reflecting a dramatic repricing of catastrophe risk following an active natural disaster season and hardening insurance markets globally. Airlines surged 178% as the travel recovery continued and fuel costs stabilized. Diversified Industrial Goods Wholesalers (+144%), Business Support Services (+94%), and Insurance Funds (+84%) also rose sharply, driven by a rotation into value and infrastructure-adjacent sectors. The food and agriculture cluster saw broad-based gains, with Food Retail & Distribution up 45%, Food Processing up 26%, and Agricultural Chemicals up 68%, reflecting rising commodity prices and heightened food security concerns. Software multiples rose 23%, a modest but notable recovery after the tech correction of early 2025, driven by renewed AI-related capital expenditure and strong enterprise software demand heading into 2026.
In contrast, multiples declined sharply in several sectors. Life & Health Insurance fell 79%, an outsized move likely tied to rising long-term liability concerns and regulatory changes. Paper Products (-63%), Renewable Energy Equipment & Services (-56%), and Semiconductor Equipment & Testing (-51%) saw steep declines, reflecting overcapacity concerns in renewable manufacturing, an inventory correction in semiconductor capital equipment, and generally softer demand in capital-intensive industrial sectors. Apparel & Accessories (-46%), Integrated Telecommunications (-46%), and Entertainment Production (-43%) also fell meaningfully, as consumer discretionary spending remained under pressure in many markets and the post-pandemic recovery in entertainment plateaued.
Please don’t hesitate to let us know if you have any questions. Thanks for using Equidam!
The Equidam Team