Have the investors become easier to deal with?
The median valuation cut fell from 57% in season 1 to 38% in season 5, and offers per pitch rose from 0.9 to 1.9.
The median valuation cut shrank from 57% to 38%
Sample of 245 pitchesmedian valuation cut · offers per pitch, by season
We compared 245 pitches over 6 seasons. In season 1, deals closed at a median valuation 57% below the ask (the median is the middle value). By season 5 the cut was 38%. Offers grew too: from 0.9 offers per pitch in season 1 to 1.9 in season 5. The deal rate rose from 49% to 80%.
More investors competing for the same pitch is one likely reason. Founders may also have learned from earlier seasons and arrived with asks that were easier to accept.
Seasons 4 and 6 are partial: we analysed only some of their episodes, so their figures rest on few pitches. Amounts are not adjusted for inflation, so this page compares shares and counts, never pounds.