Early-stage startups have never been more valuable, at least on paper. Private-equity research firm Pitchbook reports that the value of venture-backed US startups has soared to new highs since their low point after the 2008 financial crisis. During the first half of 2017, the median seed-stage valuation, for companies raising their first round of financing, hit a new record of $6.2 million, nearly double what it was in 2010. Early-stage and late-stage startup valuations reached new highs as well—$20 million and $65 million respectively.
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