????如今是初創企業的泡沫，還是大繁榮？無論如何，初創企業的估值都在抬升。

????Pitchbook的最新數據顯示，去年風險投資人對私有公司的投資價格創下了新高。

????這家研究公司還發現，2013年投資前估值的中值全面上漲。種子階段交易上升到驚人的510萬美元，而Series A階段則攀升到了940萬美元。與往常一樣，最大百分比增幅出現在Series A和Series B（中值為2,710萬美元）中，Series C達到6,260萬美元（較2012年增長23%），Series D和此后融資階段為1.052億美元（較2012年增長了14%）。

????種子階段交易估值最高的行業是醫療設備/用品行業（600萬美元），Series A交易估值最高的行業是商業服務（1,200萬美元），Series B交易估值最高的是醫藥/生物技術（2,960萬美元）。Series C和Series D+階段交易估值最高的行業是傳媒（分別為9,170萬美元和1.88億美元）。

????從區域來看，種子和早期融資階段價格最高的交易來自灣區，而在稍后階段的融資交易中，紐約排在首位。

????唯一不太尋常的是，每5項交易中只有3項交易的估值高于前一輪融資估值，約20%交易的估值與前一輪融資估值持平。本輪金融危機爆發前，Pitchbook的數據顯示，約75%后續融資的估值都高于先前的融資。（財富中文網）

????Is it a startup bubble or a startup boom? Either way, it's growing.

????Venture capitalists paid record highs to invest in private companies last year, according to new data from Pitchbook.

????The research firm found that median pre-money valuations were up across the board in 2013. Seed-stage deals rose to a whopping $5.1 million, while Series A rounds climbed to $9.4 million. Per usual, the largest percentage jump was between Series A and Series B (median of $27.1 million), while Series C rounds hit $62.6 million (up 23% from 2012) and Series D and later rounds came in at $105.2 million (up 14% from 2012).

????The highest seed-stage valuations were in healthcare devices/supplies sector ($6m), while the highest Series A were in commercial services ($12m) and the highest Series B were in pharma/biotech ($29.6m). The highest Series C and Series D+ rounds were in media ($91.7m and $188m, respectively).

????In terms of geography, the priciest seed and early-stage deals came out of the Bay Area, while New York took the crown for later-stage transactions.

????The only countervailing trend was that only three of every five deals came at a higher valuation than did the company's prior round, with approximately 20% of deals coming in flat. Prior to the financial crisis, Pitchbook reports that around 75% of follow-on rounds were at increased valuations.