Caplight, a fintech that looks to make secondary trading more transparent, found that late-stage startups weren’t following a singular trend. The data found that some of these late stage startups’ valuations fell in line with the public market, while some started to drop off in 2021, before the public markets tanked, and others are still seeing their valuation creep up. While we don’t know precisely why, when and how hard each company’s valuation is getting hit — if at all — there are a few observations worth noting. We are focusing on the changes to the share prices at which these companies have been traded on the secondary market. Those prices are, in turn, derived from a company’s valuation set . . .
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