Venture Capital Valuation Factors

Venture capital (VC) is a form of private equity investment where investors provide capital to startup companies and small businesses that are believed to have long-term growth potential. Valuing these investments can be challenging due to the inherent uncertainty and lack of historical performance data.

One common method used in venture capital valuation is the *market comparable approach*, which involves comparing the startup to similar companies that have recently been valued or sold. Which of the following factors is *least* likely to significantly affect the valuation of a startup using this approach?