Startup equity rounds are typically disclosed publicly, but the valuations might not be (for a variety of reasons, one of which is that valuations can be used a

Startup equity rounds are typically disclosed publicly, but the valuations might not be (for a variety of reasons, one of which is that valuations can be used as a proxy for the health of the company, which the company may want to keep private). Pitchbook likely only uses publicly known/verified valuations, which may not reflect the actual valuation at the latest round of fundraising.