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 November 29th, 2021.
We base our new country estimates on real transactions by country since November 1st, 2017. 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 | 507.800.000 | 612.100.000 | ↑ 21% | 257.219.879 | 269.841.857 | ↑ 5% |
| Argentina | ARS | 265.400.000 | 570.400.000 | ↑ 115% | 110.591.586 | 296.140.075 | ↑ 168% |
| Aruba | AWG | 6.500.000 | 8.700.000 | ↑ 34% | 3.088.252 | 3.837.371 | ↑ 24% |
| Australia | AUD | 8.500.000 | 8.600.000 | ↑ 1% | 3.879.832 | 4.214.779 | ↑ 9% |
| Austria | EUR | 5.100.000 | 5.500.000 | ↑ 8% | 2.418.217 | 2.748.508 | ↑ 14% |
| Bahamas | BSD | 3.600.000 | 4.800.000 | ↑ 33% | 1.715.694 | 2.131.288 | ↑ 24% |
| Bahrain | BHD | 2.200.000 | 2.600.000 | ↑ 18% | 946.072 | 942.541 | ↔ 0% |
| Barbados | BBD | 7.200.000 | 9.600.000 | ↑ 33% | 3.431.387 | 4.262.557 | ↑ 24% |
| Belgium | EUR | 5.100.000 | 4.000.000 | ↓ -22% | 2.418.217 | 2.051.141 | ↓ -15% |
| Bermuda | BMD | 7.900.000 | 9.800.000 | ↑ 24% | 3.872.393 | 2.131.288 | ↓ -45% |
| Bolivia | BOB | 25.000.000 | 33.200.000 | ↑ 33% | 11.843.152 | 14.695.950 | ↑ 24% |
| Bosnia and Herzegovina | BAM | 8.100.000 | 9.800.000 | ↑ 21% | 4.120.725 | 4.329.466 | ↑ 5% |
| Brazil | BRL | 10.300.000 | 12.900.000 | ↑ 25% | 5.500.327 | 10.556.077 | ↑ 92% |
| Bulgaria | BGN | 8.900.000 | 9.200.000 | ↑ 3% | 4.120.512 | 4.360.596 | ↑ 6% |
| Burkina Faso | XAF | 2.377.800.000 | 3.041.300.000 | ↑ 28% | 1.028.981.152 | 1.067.006.529 | ↑ 4% |
| Canada | CAD | 9.100.000 | 9.500.000 | ↑ 4% | 4.469.361 | 4.601.679 | ↑ 3% |
| Cayman Islands | KYD | 6.300.000 | 6.600.000 | ↑ 5% | 3.226.983 | 3.259.940 | ↑ 15% |
| Chile | CLP | 2.805.900.000 | 3.118.000.000 | ↑ 11% | 1.330.781.811 | 2.115.295.322 | ↑ 59% |
| China | CNY | 55.600.000 | 54.100.000 | ↓ -3% | 28.894.476 | 26.795.383 | ↓ -7% |
| Colombia | COP | 11.846.100.000 | 18.287.900.000 | ↑ 54% | 5.618.447.337 | 10.741.738.501 | ↑ 91% |
| Costa Rica | CRC | 2.068.500.000 | 2.485.200.000 | ↑ 20% | 981.065.307 | 1.686.029.967 | ↑ 72% |
| Croatia | HRK | 31.000.000 | 37.600.000 | ↑ 21% | 15.683.649 | 20.893.023 | ↑ 33% |
| Cyprus | EUR | 4.200.000 | 5.000.000 | ↑ 19% | 2.106.893 | 2.788.756 | ↑ 32% |
| Czech Republic | CZK | 115.300.000 | 119.800.000 | ↑ 4% | 53.170.009 | 56.838.801 | ↑ 7% |
| Denmark | DKK | 30.200.000 | 28.200.000 | ↓ -7% | 12.576.055 | 17.908.290 | ↑ 42% |
| Dominican Republic | DOP | 191.900.000 | 274.200.000 | ↑ 43% | 91.034.317 | 154.471.068 | ↑ 70% |
| Ecuador | USD | 3.600.000 | 4.800.000 | ↑ 33% | 1.715.694 | 2.713.667 | ↑ 58% |
| Egypt | EGP | 82.200.000 | 89.500.000 | ↑ 9% | 22.150.120 | 24.881.916 | ↑ 12% |
| Estonia | EUR | 4.700.000 | 5.800.000 | ↑ 23% | 1.930.055 | 2.342.762 | ↑ 21% |
| Finland | EUR | 3.800.000 | 3.500.000 | ↓ -8% | 2.035.134 | 2.393.146 | ↑ 18% |
| France | EUR | 3.700.000 | 4.200.000 | ↑ 14% | 2.073.835 | 2.423.666 | ↑ 17% |
| Germany | EUR | 5.400.000 | 5.100.000 | ↓ -6% | 2.456.732 | 2.594.264 | ↑ 6% |
| Gibraltar | GIP | 3.600.000 | 4.300.000 | ↑ 19% | 1.803.248 | 1.899.729 | ↑ 5% |
| Greece | EUR | 4.200.000 | 5.000.000 | ↑ 19% | 2.106.893 | 2.213.621 | ↑ 5% |
| Hong Kong | HKD | 53.800.000 | 63.000.000 | ↑ 17% | 26.830.062 | 33.729.987 | ↑ 26% |
| Hungary | HUF | 1.527.000.000 | 1.637.900.000 | ↑ 7% | 703.940.850 | 777.394.985 | ↑ 10% |
| Iceland | ISK | 761.300.000 | 993.900.000 | ↑ 31% | 328.767.535 | 434.892.872 | ↑ 32% |
| India | INR | 353.800.000 | 435.200.000 | ↑ 23% | 138.017.568 | 182.160.867 | ↑ 32% |
| Indonesia | IDR | 76.548.000.000 | 92.196.300.000 | ↑ 20% | 33.223.086.835 | 41.946.899.767 | ↑ 26% |
| Ireland | EUR | 5.200.000 | 5.500.000 | ↑ 6% | 2.182.425 | 2.910.587 | ↑ 33% |
| Isle of Man | GBP | 4.700.000 | 5.600.000 | ↑ 19% | 2.051.009 | 2.460.464 | ↑ 20% |
| Israel | ILS | 27.700.000 | 32.100.000 | ↑ 16% | 13.568.052 | 17.771.221 | ↑ 31% |
| Italy | EUR | 5.200.000 | 6.200.000 | ↑ 19% | 2.414.098 | 2.462.618 | ↑ 2% |
| Ivory Coast | XAF | 2.377.800.000 | 3.041.300.000 | ↑ 28% | 1.028.981.152 | 1.686.029.967 | ↑ 64% |
| Jamaica | JMD | 478.200.000 | 733.100.000 | ↑ 53% | 226.821.957 | 324.358.896 | ↑ 43% |
| Japan | JPY | 809.400.000 | 919.800.000 | ↑ 14% | 414.615.910 | 455.680.397 | ↑ 10% |
| Jordan | JOD | 4.100.000 | 5.000.000 | ↑ 22% | 1.780.106 | 2.183.017 | ↑ 23% |
| Korea, Republic of | KRW | 8.521.300.000 | 9.703.800.000 | ↑ 14% | 4.365.297.908 | 4.807.458.658 | ↑ 10% |
| Kuwait | KWD | 1.700.000 | 2.100.000 | ↑ 24% | 761.975 | 925.952 | ↑ 22% |
| Latvia | EUR | 5.500.000 | 6.700.000 | ↑ 22% | 2.396.375 | 2.910.587 | ↑ 21% |
| Liechtenstein | CHF | 5.600.000 | 6.000.000 | ↑ 7% | 2.615.543 | 2.971.549 | ↑ 14% |
| Lithuania | EUR | 5.500.000 | 6.700.000 | ↑ 22% | 2.396.375 | 2.910.587 | ↑ 21% |
| Luxembourg | EUR | 5.100.000 | 5.500.000 | ↑ 8% | 2.418.217 | 2.748.508 | ↑ 14% |
| Malaysia | MYR | 21.000.000 | 21.500.000 | ↑ 2% | 10.718.848 | 17.761.546 | ↑ 66% |
| Malta | EUR | 4.200.000 | 5.000.000 | ↑ 19% | 2.106.893 | 2.917.789 | ↑ 38% |
| Mauritius | MUR | 135.100.000 | 231.200.000 | ↑ 71% | 66.561.137 | 84.625.067 | ↑ 27% |
| Mexico | MXN | 97.700.000 | 108.500.000 | ↑ 11% | 39.338.878 | 44.642.126 | ↑ 13% |
| New Zealand | NZD | 8.500.000 | 9.100.000 | ↑ 7% | 3.913.516 | 4.463.922 | ↑ 14% |
| Nigeria | NGN | 1.331.200.000 | 1.244.600.000 | ↓ -7% | 584.068.502 | 885.815.412 | ↑ 52% |
| Norway | NOK | 54.900.000 | 68.200.000 | ↑ 24% | 23.705.224 | 29.829.966 | ↑ 26% |
| Panama | PAB | 3.600.000 | 4.800.000 | ↑ 33% | 1.715.694 | 2.131.288 | ↑ 24% |
| Paraguay | PYG | 23.488.700.000 | 33.351.000.000 | ↑ 42% | 11.140.378.019 | 14.755.903.197 | ↑ 32% |
| Peru | PEN | 12.100.000 | 19.600.000 | ↑ 62% | 5.716.769 | 8.688.891 | ↑ 52% |
| Philippines | PHP | 282.300.000 | 404.700.000 | ↑ 43% | 122.530.937 | 165.228.401 | ↑ 35% |
| Poland | PLN | 15.200.000 | 25.000.000 | ↑ 64% | 9.084.459 | 12.492.700 | ↑ 38% |
| Portugal | EUR | 4.500.000 | 5.000.000 | ↑ 11% | 2.287.049 | 2.803.906 | ↑ 23% |
| Qatar | QAR | 21.000.000 | 26.700.000 | ↑ 27% | 9.141.416 | 12.061.982 | ↑ 32% |
| Romania | RON | 21.800.000 | 19.600.000 | ↓ -10% | 10.068.996 | 9.987.354 | ↓ -1% |
| Russia | RUB | 496.000.000 | 498.600.000 | ↑ 1% | 188.133.718 | 174.503.053 | ↓ -7% |
| Saudi Arabia | SAR | 21.600.000 | 27.300.000 | ↑ 26% | 9.421.353 | 12.357.924 | ↑ 31% |
| Senegal | XAF | 2.377.800.000 | 3.041.300.000 | ↑ 28% | 1.028.981.152 | 1.067.006.529 | ↑ 4% |
| Serbia | RSD | 489.400.000 | 590.100.000 | ↑ 21% | 247.911.942 | 342.929.264 | ↑ 38% |
| Singapore | SGD | 9.400.000 | 12.400.000 | ↑ 32% | 3.816.604 | 5.981.387 | ↑ 57% |
| Slovakia | EUR | 4.600.000 | 4.300.000 | ↓ -7% | 2.106.784 | 2.709.148 | ↑ 29% |
| Slovenia | EUR | 4.200.000 | 5.000.000 | ↑ 19% | 2.106.893 | 2.917.789 | ↑ 38% |
| South Africa | ZAR | 53.200.000 | 78.500.000 | ↑ 48% | 26.210.437 | 28.744.075 | ↑ 997% |
| Spain | EUR | 3.000.000 | 4.000.000 | ↑ 33% | 1.715.960 | 1.798.116 | ↑ 5% |
| Sweden | SEK | 76.400.000 | 69.000.000 | ↓ -10% | 32.460.686 | 30.534.486 | ↓ -6% |
| Switzerland | CHF | 6.800.000 | 8.600.000 | ↑ 26% | 3.342.590 | 3.471.357 | ↑ 4% |
| Taiwan | TWD | 220.400.000 | 231.600.000 | ↑ 5% | 112.907.153 | 114.746.314 | ↑ 2% |
| The Netherlands | EUR | 6.000.000 | 5.300.000 | ↓ -12% | 2.139.855 | 2.082.905 | ↓ -3% |
| Trinidad and Tobago | TTD | 24.400.000 | 32.700.000 | ↑ 34% | 11.572.106 | 14.469.117 | ↑ 25% |
| Tunisia | TND | 11.300.000 | 15.200.000 | ↑ 35% | 4.910.601 | 5.337.237 | ↑ 9% |
| Turkey | TRY | 44.000.000 | 52.500.000 | ↑ 19% | 15.793.212 | 20.518.914 | ↑ 30% |
| Ukraine | UAH | 121.700.000 | 149.200.000 | ↑ 23% | 56.085.441 | 70.833.116 | ↑ 26% |
| United Arab Emirates | AED | 19.700.000 | 23.500.000 | ↑ 19% | 10.693.024 | 11.672.745 | ↑ 9% |
| United Kingdom | GBP | 5.000.000 | 5.900.000 | ↑ 18% | 2.115.951 | 2.618.315 | ↑ 24% |
| United States | USD | 8.000.000 | 9.500.000 | ↑ 19% | 3.918.222 | 4.493.213 | ↑ 15% |
| Uruguay | UYU | 135.300.000 | 204.900.000 | ↑ 51% | 64.176.926 | 90.652.832 | ↑ 41% |
| Venezuela | VEF | 23.205.310.913 M | 1.976.500.000 | ↓ 100% | 11.005.984.153 M | 874.480.598 | ↓ -100% |
The largest increase in startup valuation has been experienced in emerging countries, especially in Latin America and Southeast Asia.
There has been significant hype around Latin America’s startup success. In the first half of 2021, startups raised $9.3 billion, nearly double the amount raised in all of 2020. This area has a global outlook, world-class universities, a diverse population, and numerous noteworthy entrepreneurs. As Latin America has grown, so has competition in the United States. VCs now have more money than ever and investing in North America is becoming increasingly expensive. Consequently, investors are looking for diversification with high-return opportunities abroad.
Southeast Asia has never seen such a surge in venture capital funding. The six ASEAN countries’ macroeconomics display great tailwinds for venture capital investments. The world’s largest internet economy (Singapore, Malaysia, Indonesia, the Philippines, Vietnam, and Thailand) contributed to a significant increase in startup valuation in 2021 when compared to 2020.
According to a survey by Google, Temasek, and Bain, Southeast Asia’s internet economy is expected to triple to $300 billion by 2025 from end-2020. This is likely due to the Covid-19 pandemic, which is driving consumer adoption of digital platforms and investors looking for internet-based enterprises that can scale. The startup ecosystem in the region benefits from the so-called “last mover advantage,” meaning that companies have the benefit of learning from the successes and failures of their peers in the US, China, and India. However, there are still doubts about whether the abundant liquidity is inflating valuations and whether they can be sustained in secondary markets.