The 20× Reset: Investment Crowdfunding Valuations in 2025

CHART OF THE WEEK 📈

By Brian Belley | Read

Is that startup deal you’re eyeing really worth 30-times sales—or are you paying peak-2021 prices in a 2025 market? Our latest Kingscrowd dive crunches every Reg CF and Reg A+ raise that launched between April 2024 and May 2025 and finds the median revenue multiple has cooled to 19.6x, almost back to pre-COVID norms. Yet sector spreads are wider than ever: Energy plays are clearing a sizzling 73.6x, FinTechs hover around 50x, while humble Food & Beverage brands come in under 8x.

But the headline numbers are only half the story. In the full write-up, we chart how quarterly medians have skidded from a 44x pandemic peak to today’s plateau, decode why higher rates and a tight IPO window matter, and lay out a revenue multiple “sanity check” you can run before you click Invest.

Founders get their own playbook too—when a 25x cap is defensible, and when you’re inviting a valuation haircut. Grab the complete analysis, charts, and sector tables on Kingscrowd and make your next investment (or raise) with eyes wide open.

Have a suggestion for a data story you’d like us to look into? Submit by replying to this email

KINGSCROWD PODCAST

By Sam Fiske / Watch | Apple | Spotify

In this week’s Kingscrowd Podcast:

• Discover the latest 2025 data on revenue multiples by industry.

• Understand how industry trends and stage affect startup valuations.

• Hear the team break down the story of PvP, a web3 gaming startup that recently shut down.

UPCOMING WEBINAR

PITCH REVIEW 💸

By Teddy Lyons \ Deal Report

Brief: BackerKit is a crowdfunding platform that helps creators manage and grow their communities across multiple campaigns. Originally launched in 2010 as a pledge manager for Kickstarter projects, it has supported fulfillment for about a quarter of all Kickstarter funding volume in recent years. In 2022, BackerKit expanded into full-service crowdfunding, focusing on tools that foster long-term creator success and fan engagement. Its standout feature, Collab-Funding, enables multiple creators to team up on campaigns and share audiences, making BackerKit a hub for repeatable, community-driven crowdfunding.

Teddy’s Take: My first experience with Kickstarter was in 2014 when I found a company called Coolest Cooler. The company raised $13.3M for its drink cooler that had a built-in ice-crusher, bluetooth speaker, and phone charger. I was in high school at the time (and therefore had no money to invest), but for whatever reason thought this was the coolest product ever. Well, Coolest Cooler ended up becoming an infamous failure of reward-based-crowdfunding, failing to deliver the product to over 1/3rd of its 60,000 backers and actually prompted the Oregon Department of Justice to take action. The problem? Well, Coolest Cooler soon realized that raising funds was just half the battle. Actually manufacturing and distributing the product at scale proved to be an insurmountable challenge (the company closed in 2019).

BackerKit, today’s Pitch Review, has solved many of these bottlenecks with its end-to-end platform for reward based crowdfunding. In addition to being a funding platform, the company also helps with the manufacturing, distribution, and fulfillment of the actual rewards (as well as backer management tools). The company’s Pledge Manager product, the first of its kind, has become the gold standard in rewards-based-crowdfunding. BackerKit recorded $23.7M in 2024 revenue and is backed by Y-Combinator and angel investor Sahil Lavingia (CEO of Gumroad).

Additionally, the company manages $3.7B+ on its pledge management platform, showing clear product-market-fit. Now, with Kickstarter launching its own pledge manager product, the real question is does BackerKit actually have a durable competitive advantage? I think they just might.

STAFF PICKS 🌶️

Infinity Fuel Cell

By Léa Bouhelier-Gautreau

Infinity Fuel Cell is back raising, aiming to take investor returns as high as their fuel cells: to the moon. The company recently completed a successful test with Blue Origin. While revenues appear down compared to the last round, they’re largely made up of grants and pilots—so this doesn’t reflect a drop in commercial traction. IFC continues to maintain a reasonably low burn rate.

Dopple

By Teddy Lyons

Dopple is a children’s clothing subscription service that raised $9.8M from leading VCs in 2021. But in 2023, they were acquired and now pivoting into software with its baby gift registries. Why the pivot, and is it worth the risk?

HeavyTech

By Léa Bouhelier-Gautreau

Cleaner, cheaper and better. HeavyTech promises to revolutionize the heavy construction equipment industry. The catch? The company has only achieved design work so far. Still, the low valuation reflects the startup's early development stage and could convince investors chasing moonshots.

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