[tomjohnneill]

Interesting to read those valuation benchmarks. I'd seen this article in SeedLegals previously https://seedlegals.com/resources/how-to-value-your-company/ that seem to be quite a lot lower.

It was written at the end of 2019, do you think it's just wrong? Or has it changed that much in the past 2 years? Or is it a different set of startups?

[existential]

Hi Tom, it's Anthony from SeedLegals here, author of that article.

Actually I've seen nothing to suggest that valuations have changed since our article. If you're seeing differently, all feedback welcome.

I should add that I always have a lingering concern that so many people reference that article - both founders and investors - that in some ways it's moved from reflecting market to making market... which means the bar to making sure it's accurate is high.

[tomblomfield]

I have made 43 angel investments in the last 6 months, 90% at seed and pre-seed. 75% in the UK.

The lowest valuation I've paid was £3m, and this happened exactly once.

My mean valuation for seed is around £8-10m.

It tops out at around £20m.

Perhaps my sample is skewed. Not many of the companies I'm investing in use SeedLegals. Investors often insist they use actual lawyers.