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.