????如今是初创企业的泡沫，还是大繁荣？无论如何，初创企业的估值都在抬升。

????Pitchbook的最新数据显示，去年风险投资人对私有公司的投资价格创下了新高。

????这家研究公司还发现，2013年投资前估值的中值全面上涨。种子阶段交易上升到惊人的510万美元，而Series A阶段则攀升到了940万美元。与往常一样，最大百分比增幅出现在Series A和Series B（中值为2,710万美元）中，Series C达到6,260万美元（较2012年增长23%），Series D和此后融资阶段为1.052亿美元（较2012年增长了14%）。

????种子阶段交易估值最高的行业是医疗设备/用品行业（600万美元），Series A交易估值最高的行业是商业服务（1,200万美元），Series B交易估值最高的是医药/生物技术（2,960万美元）。Series C和Series D+阶段交易估值最高的行业是传媒（分别为9,170万美元和1.88亿美元）。

????从区域来看，种子和早期融资阶段价格最高的交易来自湾区，而在稍后阶段的融资交易中，纽约排在首位。

????唯一不太寻常的是，每5项交易中只有3项交易的估值高于前一轮融资估值，约20%交易的估值与前一轮融资估值持平。本轮金融危机爆发前，Pitchbook的数据显示，约75%后续融资的估值都高于先前的融资。（财富中文网）

????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.