«Оценка» – определение цены или стоимости компании или бизнеса (ценной бумаги, инвестиционного портфеля, другого актива), производимое квалифицированным специалистом расчетным путем на любом из этапов венчурного финансирования с использованием той или иной методики.

A valuation is an appraisal of how much a company’s equity (assets less liabilities) is worth (as opposed to what may be put forth on a balance sheet). No reliable methodology exists for determining the valuation of a startup, which by nature has limited history and an expectation of rapid growth. Estimating and discounting future cash flow (using notions of market size and exit
value) can be useful, but these numbers can only be rough estimates based upon limited data and subject to market changes, including actions of new or existing competitors (as constrained by barriers to entry, which will enhance valuations).

Whatever the founder said, the VCs weren’t going to budge on the valuation.

“Valuation hinges on [entrepreneurs’] negotiating skills (which is daunting since they’re going up against professional investors / negotiators)… Unfortunately, none of the traditionally-accepted valuation methods really apply to early stage startups.” — Nathan Beckord, Co-founder & CEO, Foundersuite