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Startup valuation
- Four methods
- Benchmark multiples
- Editable weights
Opens in Excel, Google Sheets and Apple Numbers.
Free tools · Fundraising
Free startup valuation calculator, four ways to put a number on an early company.
Excello's free startup valuation calculator estimates what your company is worth from a funding round, from your revenue, or before you have revenue at all.
Try more than one method: a range from two or three is more useful than a single number.
Free. No sign-up. Works on any device.
- Calculator
- Methods four
- Stage pre-seed onward
- Excel included
- Price free
Startup valuation calculator online free, four methods
The calculator
Each calculator works on its own. The examples match: a $2,000,000 round for 20%, and a startup with $1,200,000 of annual revenue.
How to calculate valuation of a startup, by stage
Choosing a method
| Method | Best for | What you need |
|---|---|---|
| Funding round | Any stage, once terms are on the table | Amount raised and ownership offered |
| Revenue multiple | Startups with steady revenue | Annual revenue or ARR and a multiple |
| Scorecard | Pre-revenue and pre-seed | Average valuation of similar local deals |
| Berkus | Pre-revenue | An honest view of five risk areas |
Startup valuation calculator based on revenue
Multiples
A revenue multiple values the company at a number of times its annual revenue. At 5.0×, $1,200,000 of revenue gives $6,000,000. Listed companies show what multiples look like by industry.
- Software (system and application) 11.4×
- Software (internet) 9.6×
- Biotechnology 7.9×
- Restaurants 4.2×
- Business and consumer services 2.5×
- Information services 2.2×
- General retail 2.1×
- Education 2.0×
- Specialty retail 1.6×
- Apparel 1.6×
- Computer services 1.5×
- All US companies, excluding financials 3.5×
| Industry | Companies | EV/Sales | Implied value |
|---|---|---|---|
| Software (system and application) | 309 | 11.41× | $13,692,000 |
| Software (internet) | 29 | 9.56× | $11,472,000 |
| Biotechnology | 496 | 7.92× | $9,504,000 |
| Restaurants | 64 | 4.17× | $5,004,000 |
| Business and consumer services | 155 | 2.53× | $3,036,000 |
| Information services | 15 | 2.21× | $2,652,000 |
| General retail | 23 | 2.11× | $2,532,000 |
| Education | 32 | 1.99× | $2,388,000 |
| Specialty retail | 94 | 1.63× | $1,956,000 |
| Apparel | 35 | 1.59× | $1,908,000 |
| Computer services | 64 | 1.48× | $1,776,000 |
| All US companies, excluding financials | 4,822 | 3.46× | $4,152,000 |
Treat these as a reference point. Listed companies are larger than startups and their shares are easier to sell, and growth, gross margin and how recurring the revenue is all move the multiple a startup can argue for.
Source: Aswath Damodaran, NYU Stern, price and value to sales ratios by industry (US), data as of January 2026, checked September 2026
Pre-revenue and pre-seed valuation: scorecard and Berkus
Before revenue
Scorecard method
Start from the average pre-money valuation of similar pre-revenue deals in your region, then score your startup against a typical one on seven factors. The weighted sum multiplies that average.
| Factor | Weight | Compared |
|---|---|---|
| Strength of the team | 30% | 125% |
| Size of the opportunity | 25% | 150% |
| Product and technology | 15% | 100% |
| Competitive environment | 10% | 75% |
| Marketing, sales channels and partnerships | 10% | 80% |
| Need for additional investment | 5% | 100% |
| Other (for example, early customer feedback) | 5% | 100% |
| Pre-money valuation | 1.155 | $1,732,500 |
Berkus method
Give each of five elements a value of up to $500,000, depending on how much of that risk is already dealt with. The most a pre-revenue company can reach is $2,500,000.
| Element | Value |
|---|---|
| Sound idea | $500,000 |
| Prototype | $250,000 |
| Quality management team | $400,000 |
| Strategic relationships | $100,000 |
| Product rollout or sales | $0 |
| Pre-money valuation | $1,250,000 |
Both methods need judgment. Use recent local deals for the scorecard average, and adjust the Berkus maximums for your region and type of business, as Berkus himself suggests.
Sources: Bill Payne, Scorecard Valuation Methodology (revised January 2011); Dave Berkus, The Berkus Method; both checked September 2026
The startup valuation calculator in Excel
The file
The numbers behind a valuation
Where Excello fits
Frequently asked questions
What is a startup valuation?
A startup valuation is the price put on the whole company, usually agreed with investors when they buy shares. It sets how much of the company each dollar invested buys, so it decides how much founders are diluted.
How do you calculate the valuation of a startup?
Use the method that fits your stage. A priced round gives it directly from the amount raised and ownership sold; a company with revenue can use a revenue multiple; pre-revenue startups use methods such as scorecard or Berkus.
What is the difference between pre-money and post-money valuation?
Pre-money is the company's value before the new investment, and post-money is the value just after it. Raising $2,000,000 for 20% gives a post-money of $10,000,000 and a pre-money of $8,000,000.
How do you value a pre-revenue startup?
Compare it with similar deals. The scorecard method adjusts the average valuation of local pre-revenue deals for your team, market and product; the Berkus method adds up to $500,000 for each of five areas of reduced risk.
What revenue multiple should a startup use?
There is no single figure; it depends on the industry, growth and margins. For reference, US listed software companies traded at about 11.4× sales in January 2026, against 3.5× for all non-financial companies.
Is the calculated valuation what investors will pay?
Not necessarily. A calculator gives a reasoned starting point for a negotiation. The valuation is whatever founders and investors agree, and it is fixed in the signed round documents.
Is this startup valuation calculator free?
Yes. The four calculators on this page and the Excel template are free, with no sign-up needed. The template adds the benchmark table and editable weights and maximums for each method.