Early stage
Start-up and early-stage valuations, independently prepared.
James Nelson
Founder & M&A Valuation Director, The Business Valuers
17 years in UK business brokerage and valuation. 1,000+ SME valuations completed. Former Head of Corporate Sales at Christie & Co.
“James valued our business, asked some very sensible questions and provided an in-depth detailed report. Our accountant was amazed at the breadth and scope. The final figures were robust and accepted by all parties.” Mr H, client · Trustpilot review, May 2026
UK start-up and early-stage valuations are method-led, not multiple-led, drawing on funding-round evidence, discounted cash flow or an asset basis rather than a sector multiple. Where there is early recurring revenue we use an ARR basis cross-checked against the last funding round, and for everything earlier the value sits in the evidence of what investors have actually paid.
A written, evidenced valuation for a funding round, a share issue, an EMI scheme or a founder separation — built on traction, comparable transactions and a defensible method, not on a pitch-deck number. Fixed fee from £995, agreed before we start; delivered in three working days once we have the information we need.
Independent.We don't sell businesses. No success fee.
- 1,000+ UK business valuations
- 17 years of brokering & valuing experience
- Fixed fee from £995 — no hourly billing
- Report delivered in 3 working days
Fixed fee from £995
Written report in 3 working days. Quote back within the hour, no obligation.
Fixed fee agreed in writing before work starts — and we do not charge VAT, so the fee quoted is the fee you pay.
What the figure usually turns on
Traction that a third party can verify
Contracted revenue, paying users, pipeline conversion and retention carry weight. Registered users, waitlists and letters of intent do not, and a valuation that leans on them will not survive scrutiny.
The right method for the stage
Pre-revenue companies need a market-comparable or scorecard approach; post-revenue companies move to a revenue or earnings basis. We state the method, the inputs and the reason it was chosen.
Cap table, preference and dilution
Existing preference shares, convertible loan notes, ratchets and option pools change what a given headline valuation actually means per share. We work through the cap table rather than around it.
Team, IP and defensibility
Assigned IP, key-person cover, technical depth and switching cost are the things an investor actually underwrites at this stage.
Runway and funding requirement
Months of runway and the size of the raise directly affect negotiating position and therefore price. Both belong in the report.
Typical benchmarks
Indicative only. Early-stage valuation is method-driven; the ranges above frame the discussion rather than produce the answer. HMRC valuations for EMI and share schemes follow a separate, stricter basis.
See our UK SME valuation multiples guide — every sector, what earns the top of the range
Investor-facing or HMRC-facing — they are not the same number
A negotiated round price and an HMRC market value for option purposes are different exercises with different bases. Using one in place of the other creates a tax problem later.
We tell you which you need, prepare it on the correct basis, and set out the reasoning so it can be defended to an investor, a co-founder, or HMRC.
A number you can actually defend in the room
Founders routinely arrive at a valuation by dividing the raise by the equity they are willing to give up. Investors see through it within minutes, and it costs credibility at exactly the wrong moment.
An independent written valuation changes the conversation: you are negotiating from evidence rather than aspiration, and the other side can check every input.
This is for you if…
- —You're raising a seed or pre-Series A round and need a defensible pre-money figure.
- —You're granting EMI options or issuing shares and need a valuation on the correct basis.
- —A co-founder is leaving and the shares need to be priced fairly.
- —You're an investor and want an independent view before committing.
Want the number for your business?
Two quick questions and we'll come back with your fixed fee within the hour.
Fixed fee from £495
Written report in 3 working days. Quote back within the hour, no obligation.
1,000+ UK valuations completed. We don't sell businesses, so there's no incentive to move the figure.
Request a start-up valuation.
An independent, fully evidenced figure in three working days. Fixed fee from £995.
Independent.We don't sell businesses. No success fee.
- 1,000+ UK business valuations
- 17 years of brokering & valuing experience
- Fixed fee from £995 — no hourly billing
- Report delivered in 3 working days