Early-Stage Startup Valuation Calculator
Valuing a startup with little or no revenue isn't math — it's a structured judgement call. This calculator runs the two methods investors actually recognise for early-stage deals, the Scorecard and the Berkus method, and turns your inputs into a defensible pre-money range you can take into a conversation.
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Methodology
How it works
Two methods built for pre-revenue startups
Discounted cash flow and revenue multiples break down when there's no revenue to discount. So angels and seed funds use comparative heuristics instead. This tool implements the two most widely cited: the Scorecard method (Bill Payne) and the Berkus method (Dave Berkus). Switch between them and compare — if they land in a similar range, you have a more defensible number.
The Scorecard method
Start from the average pre-money valuation for comparable startups in your region and stage. Then adjust it up or down based on how your startup compares across weighted factors — team (30%), opportunity size (25%), product (15%), competition (10%), go-to-market (10%), and more. A rating of 100% means 'average'; 130% means you're meaningfully stronger than the typical deal. The weighted ratings combine into a single multiplier applied to the base valuation.
The Berkus method
The Berkus method assigns concrete value to five things that reduce risk: a sound idea, a prototype, a quality team, strategic relationships, and product rollout or early sales. Each can contribute up to a cap (classically $500K), which puts a ceiling of about $2.5M pre-money on a pre-revenue company. It's deliberately conservative and works best at the earliest stage, before there's traction to score.
Treat the output as a range, not a price
Valuation is ultimately set by negotiation and by what comparable companies actually raised at — not by a formula. Use the range here to anchor the conversation and pressure-test an offer, then triangulate against recent rounds in your space. Remember that a higher valuation isn't automatically better: raise too high and you risk a painful down round next time.
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