How Much Does a Startup Valuation Cost? Prices and Fees 2026 (France & Switzerland)

Introduction: how much does a startup valuation really cost in 2026?

A startup valuation generally costs between EUR 2,000 and 8,000 (CHF 5,000 to 10,000) at the seed stage, between EUR 4,000 and 12,000 (CHF 7,000 to 15,000) at Series A, and between EUR 6,000 and 15,000 (CHF 10,000 to 20,000) as soon as a cap table with several share classes requires an allocation by class, in both France and Switzerland (Hectelion practice, 2026). The right budget depends first on the stage of development and the capital structure, before the size of the round itself.

A startup valuation estimates the value of the shares of a young, typically unprofitable growth company, to set an entry price for a funding round, calculate the exercise price of BSPCE (French startup warrants), or document a capital transaction. Unlike an established business valuation, it relies on methods adapted to the absence of a profitable track record: discounting free cash flow to equity (FCFE) adjusted for a survival probability, comparable transaction multiples, the venture capital method and, for the earliest-stage projects, real options.

As the IFRS Foundation states in its fair value measurement standard, echoed by the IPEV guidelines for venture capital investments:

"Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.", IFRS Foundation, IFRS 13, Fair Value Measurement.

The startup valuation market remains difficult to budget for in 2026. First, the correction in tech valuations that began in 2023 has made investors more demanding about documented assumptions, and a superficial report now exposes founders to a price renegotiation mid-round. Second, the spread of BSPCE and BSA warrants in French and Swiss cap tables requires an allocation of value by share class, an exercise few quotes explicitly cover. Third, artificial intelligence is disrupting both comparable-based methods and the time needed to prepare a file, polarizing the market between quick estimates and fully documented formal reports.

This article gives the price ranges at a glance, details what drives the fee depending on stage and capital structure, explains how an engagement is billed, sets out Hectelion's pricing and the 2026 trends, describes the process and timeline, compares providers, explains how to reduce the cost without losing defensibility, lists the five costliest mistakes, illustrates all of this with two priced case studies from France and Switzerland, and closes with the ten most frequently asked questions, including on BSPCE.

The price of a startup valuation at a glance: 2026 ranges by stage

Ranges from Hectelion's practice, 2026, for engagements conducted in France and Switzerland, excluding tax and disbursements. A cap table with several share classes, common and preferred shares, moves the engagement into the higher range, regardless of the stage of development.

The first tier of this table is itself evolving with artificial intelligence. Tools that automate the search for comparable transactions and the processing of SaaS metrics, retention rate, CAC, LTV, speed up data collection at the seed stage, which reduces the time billed on this piece of work without changing the professional judgment required to calibrate the discount rate or the survival probability used in the discounted cash flow model.

Get an objective budget for your valuation before your next funding round

Thirty minutes are enough to scope your startup valuation and its budget. Hectelion carries out startup valuation engagements in France and Switzerland, for companies from seed through Series B, standalone or alongside your fundraising. Book a free, confidential call with our team: we qualify the stage, the capital structure and the timeline of the round before any engagement.

Acontos: get a free online estimate of your startup's value

Before going into the detail of a startup valuation budget, Hectelion has built Acontos, an online audit, due diligence and business valuation tool, powered by Anthropic's Claude Sonnet 5 artificial intelligence and calibrated on Hectelion's own methodology.

From your accounts, it produces a first estimate of the value of your shares within minutes, free of charge and without retaining any document. Launch the valuation simulator to get an order of magnitude, then keep reading to understand what a formal startup valuation costs, and what it covers.

What drives the price: stage, method, capital structure

First, the stage of development. A pre-revenue seed company, still close to the idea or the prototype, is mainly valued using the Berkus method or the Scorecard method, two quick, qualitative approaches. A more advanced stage of development, with measurable recurring revenue, opens the door to an FCFE-based DCF and to comparable transactions, two heavier methods to document.

Second, the number of methods cross-checked. A valuation defensible in front of a serious fund never rests on a single method: it generally cross-checks a DCF adjusted for a survival probability, the FCFE or FCFF method depending on the financing structure targeted, the venture capital method and, for deeptech or biotech projects with heavy technological content, real options. Each additional method adds modelling time and sensitivity testing.

Third, the capital structure. A company with a single share class is valued in one exercise. A cap table with preferred shares, BSPCE and BSA-AIR warrants requires an allocation of enterprise value across share classes through an option-pricing model, much like the US 409A practice, which multiplies the number of calculations and justifications to document. See our dedicated financial instrument valuation service.

Fourth, the availability and quality of data. An up-to-date SaaS dashboard, with retention rate, customer acquisition cost and customer lifetime value already calculated, reduces the time needed to reconstruct figures. Partial data forces the valuer to rebuild it, exactly as in a standard financial due diligence.

Fifth, the jurisdiction involved. A single French or Swiss startup differs from a French-Swiss structure with a parent company and a subsidiary, each with its own accounting and tax framework, particularly regarding the treatment of equity-based compensation instruments.

Finally, urgency. A term sheet signed with a closing in under six weeks exposes founders to higher fees for a compressed timeline, a market practice constant in both France and Switzerland, exactly as for any valuation engagement under time pressure.

Fixed fee or time and materials: how a startup valuation engagement is billed

The fixed fee is the rule for startup valuations: a scope defined in the engagement letter, a number of methods to cross-check, a firm price, a timeline aligned with the round. This billing model protects both parties, the founder knows the budget before committing, the valuer commits to a precise deliverable. Time-and-materials billing, at an hourly or daily rate, mostly occurs when the cap table is not yet stabilized at the scoping stage, particularly before the final close of a round with several investors.

Check what the fixed fee covers, this is the leading source of misunderstanding on quotes. Normally included: choosing and applying the methods relevant to the company's stage, sensitivity testing on key assumptions, discount rate, growth rate, survival probability, the formal report and a debrief call with the founders. Normally excluded, and to be priced separately: VAT, disbursements, reconstructing missing data, the allocation by share class if it was not anticipated in the quote, and updating the report if closing slips beyond three months.

SAFEs and convertible notes: how to value them before conversion

A round seeded by a BSA-AIR, the French equivalent of the US SAFE, or a convertible note raises a particular valuation question: until the instrument converts into shares, the company appears to have no fixed valuation for that round. In reality, two parameters negotiated at issuance already set an implicit value range, the valuation cap above which the investor converts at a favorable price, and the discount applied against the price of the next round if it closes below the cap.

Documenting this mechanic properly matters especially when several BSA-AIR instruments or convertible notes issued at different dates carry different caps: at the moment of simultaneous conversion in the next round, each instrument converts at a distinct price per share, diluting the founders unevenly, and it must be modelled instrument by instrument, not as a single block. A valuation that ignores this cascading conversion mechanic systematically underestimates the actual dilution founders bear at the next round, a point institutional investors check against their own model before signing.

Hectelion's pricing: fees adapted to stage and cap table

One clarification is needed on the status of the figures in this article: the price ranges mentioned come from Hectelion's own practice and from market observations of its competitors, in both France and Switzerland. They describe market practice, not a fixed fee schedule.

Hectelion adapts its pricing to each company's actual stage, from a seed report to a multi-class allocation for a Series B, drawing on a multi-method methodology aligned with IVSC standards and the IPEV guidelines for venture capital investments. Each quote is issued after a free scoping call, on the basis of a firm fixed fee defined in the engagement letter, in line with our startup valuation offering.

2026 trends: an accepted correction, complex cap tables, AI as an accelerator

The startup valuation market is going through a triple shift in 2026. On one hand, the correction in tech multiples that began in 2023 has stabilized, with investors now asking for documented assumptions rather than extrapolated growth multiples, a trend confirmed by the France Invest barometer on venture capital.

On the other hand, cap table structures are becoming more complex: the growing number of preferred share classes and convertible instruments negotiated round after round increasingly requires a formal allocation of value by share class.

Finally, artificial intelligence is speeding up preparatory work, sourcing comparables, first sensitivity calculations, which compresses timelines for seed reports and is pulling fees down on the most standardized engagements, without reducing the professional judgment required on exit assumptions. See also our analysis of business valuation differences between France and Switzerland.

Process and timeline: from scoping to the valuation report

A startup valuation engagement runs through seven steps, from signing the engagement letter to delivering the final report, over a total duration of two to eight weeks depending on the stage and the complexity of the cap table.

1. Signing the engagement letter.
2. Sending the documentation request list.
3. Q&A exchange with the startup's CEO or founder.
4. Preparing the draft valuation report for the startup.
5. Discussing and presenting the draft report.
6. Implementing corrections ahead of the final report.
7. Delivering the final report.

The final report can be presented to potential investors, though this depends on the circumstances and on the terms of the negotiation. The methods used at each stage are detailed in our reference article on startup valuation.

Comparing providers: Big Four, boutique firms, online platforms

Four categories of providers carry out startup valuations, each with legitimate use cases.

The Big Four and large audit firms have teams dedicated to complex valuations, suited to Series B and C rounds with several share classes, at fees generally above the seed and Series A range.

The independent boutique valuation firms, such as Hectelion, apply the same methodological rigor, aligned with IVSC standards, at fees calibrated for the seed and Series A stages, with full independence from investment funds and traditional financial intermediaries.

The automated online valuation platforms offer a fast, low-cost order of magnitude, useful for an informal negotiation, but rarely sufficient to document a BSPCE exercise price or to answer tax authorities.

The incubators and accelerators sometimes give a first valuation benchmark at demo days, a useful but non-binding market signal, never to be confused with a formal report.

Why choose Hectelion among these four categories? Eight concrete points set Hectelion apart from other providers:

• Entrepreneurial experience: Aristide Ruot has himself founded and run companies, raised funds and managed cash-flow strain; this first-hand experience of entrepreneurial risk and problem-solving, rather than a purely theoretical reading of the file, is today the main reason founders mandate Hectelion.
• Price: fees calibrated to the actual stage and the complexity of the cap table, without a large firm's fee schedule applied by default to a seed or Series A file.
• Know-how: a multi-method methodology aligned with IVSC standards and the IPEV guidelines, led by Aristide Ruot, Ph.D.
• One-stop shop: valuation, due diligence, M&A, fundraising and financial instrument structuring (BSPCE, BSA, SAFE) handled by the same team, without multiplying providers or back-and-forth on data.
• Methodological excellence: the rigor of a large firm on sensitivity testing and share-class allocation, without its Big Four timelines or fees.
• Adaptation to the cap table: native coverage of both the French and Swiss legal frameworks, useful as soon as a founder or an investor is based on either side of the border, without mandating two separate providers.
• Understanding the entrepreneur: full independence from investment funds and traditional financial intermediaries, for a report that defends the founder's interest in the round.
• Controlled timelines: a first order of magnitude within minutes thanks to Acontos, then a formal report delivered within the indicative timelines announced at scoping, two to eight weeks depending on the stage.

One word of caution: the valuer must not be a party to the round being valued, nor be paid by one of the round's investors, a conflict of interest ruled out in practice by every serious firm. Before signing, three questions separate quotes that look similar: how many methods does the quote name explicitly, does the report include the allocation by share class if the cap table has several, and does the quote cover both legal frameworks if the founders and one of the investors are based on either side of the French-Swiss border? A serious provider answers these three questions in writing without difficulty.

How to reduce the cost of your valuation without losing defensibility

The cost of a startup valuation is not set in stone: several levers reduce the bill without ever sacrificing the depth required by a serious fund or by tax authorities.

1. First, prepare the key metrics before mandating the valuer, ARR, retention rate, CAC and LTV already calculated, customer cohorts documented, avoiding the most expensive reconstruction hours on the quote. Our article on organizing the data room details the documents expected.
2. Second, use the Acontos simulator to get an objective first order of magnitude before mandating a formal report, which scopes the quote and avoids back-and-forth over unrealistic assumptions.
3. Third, stabilize the cap table before scoping the engagement rather than letting share classes change mid-valuation, which would require redoing the allocation across classes.
4. Fourth, anticipate the calculation of the BSPCE exercise price as soon as the round is scoped rather than discovering it after closing, which avoids a rushed second engagement.
5. Fifth, on a French-Swiss file, mandate a single firm able to cover both legal frameworks in one engagement rather than two separate providers, which duplicate part of the analysis and the data collection.

None of these levers touches the number of methods cross-checked or the sensitivity testing: reducing the cost of a startup valuation is about the efficiency of preparation, never about the depth of work investors require.

Down rounds and re-pricing: documenting a valuation decrease without weakening the cap table

Since the correction in tech multiples began in 2023, a growing number of funding rounds are negotiated below the valuation obtained in the previous round, a down round.

This situation demands a higher level of methodological rigor than a standard valuation, because it exposes the company to challenges from historical shareholders and from BSPCE holders whose exercise price was set based on the previous valuation. The valuer must then document precisely what has changed in the assumptions since the previous round, slower growth, a lower retention rate, a longer sales cycle, rather than simply applying a lower market multiple without internal justification.

In practice, a down round frequently triggers ratchet or anti-dilution clauses negotiated in previous rounds, which automatically adjust the number of shares held by historical investors; their activation must be modelled in the same exercise as the valuation itself, otherwise the cap table presented to new investors does not reflect the founders' actual dilution after adjustment.

The 5 mistakes that cost the most

Mistake 1: Confusing pre-money and post-money valuation when scoping the quote

A founder who communicates the post-money valuation expected by investors, without specifying the amount raised, exposes the valuer to scoping the engagement around a figure that is not the one to be demonstrated. This confusion, common early in negotiations, delays the quote and sometimes the report itself.

Mistake 2: Applying a standard DCF without adjusting for survival probability

A discounted cash flow model built on the methods used for an established company, without factoring in a survival probability on future flows, systematically overstates the value of a young company. The method developed by Aswath Damodaran for young companies corrects this bias by weighting flows with a survival scenario rather than artificially inflating the discount rate.

Mistake 3: Ignoring the allocation of value across share classes

A cap table with preferred shares and BSPCE warrants, valued as if it had only one share class, overstates the value of common shares, and therefore the exercise price of employee options. This exposes the company to a tax reassessment if the tax authorities consider the exercise price to be undervalued.

Mistake 4: Choosing the cheapest provider without checking their independence

An attractive quote that does not mention a formal independence statement, or that comes from an advisor paid by one of the round's investors, exposes the company to a valuation challenged by other shareholders or by a counter-expert at a later round.

Mistake 5: Relying on an online estimate alone for a BSPCE file

A free simulator gives a useful order of magnitude for negotiating, but documents neither the assumptions nor the allocation across share classes required to set a defensible BSPCE exercise price. Budgeting for the online estimate alone means discovering the cost of the formal report only after the round has closed.

Case 1: Series A raise for a French HR SaaS, valued at EUR 5,000

Case built for illustrative purposes, based on observed market practice.

Company E SAS, publisher of a recruitment management SaaS platform, Île-de-France. Annual recurring revenue of EUR 1.4 million, net retention rate of 118%. Target raise of EUR 5 million, pre-money valuation proposed by the founders of EUR 20 million. Cap table with a single class of common shares before the round, with no BSPCE currently being granted.

The quote comes to EUR 5,000, at the low end of the Series A range of EUR 4,000 to 12,000, due to the single share class and the immediate availability of SaaS metrics. The engagement runs over four weeks and cross-checks an FCFE-based DCF adjusted for a survival probability, comparable transaction multiples for European HR SaaS companies, and the venture capital method to test the consistency of the exit valuation targeted by investors.

Case 2: Series A for a Swiss deeptech with a multi-class cap table, valued at CHF 18,000

Case built for illustrative purposes, based on observed market practice.

Company F SA, medical robotics deeptech, canton of Vaud. Product in clinical-stage, pre-revenue. Target raise of CHF 8 million in Series A, targeted post-money valuation of CHF 28 million. Cap table with three share classes, common shares, seed preferred shares and Series A preferred shares to be issued, plus an employee option plan to be revalued to set the exercise price.

The quote comes to CHF 18,000, within the multi-class range of CHF 10,000 to 20,000, due to the number of share classes and the modelling of the clinical pipeline. The engagement runs over seven weeks and combines a real-options valuation of the pipeline in development with an allocation of value across share classes through an option-pricing model, much like the US 409A practice, to determine the value of the common shares underlying the option plan.

A word from our founder

"I'm often asked: why does a startup valuation cost EUR 3,000 at one firm and EUR 12,000 at another for a comparable stage? The answer rarely comes down to the provider, it comes down to the number of methods cross-checked and the structure of the cap table."

"A quote that looks too low almost always hides a shortcut: a single method used, no sensitivity testing, or an allocation across share classes simply left out even though the cap table has several."

"The right instinct isn't to compare prices, it's to compare scopes. A complete valuation costs more than an incomplete one, and always costs less than a reassessment on an undervalued BSPCE exercise price."

Aristide Ruot, Ph.D.
Founder | CEO, Hectelion SA

FAQ: the 10 essential questions about the price of a startup valuation

Introduction: what to know before the questions

The price of a startup valuation depends first on the stage of development and the capital structure, before the size of the round itself. The questions below answer the most common concerns of founders and finance teams in France and Switzerland.

Q1: How much does a startup valuation cost?

Between EUR 2,000 and 8,000 (CHF 5,000 to 10,000) at the seed stage, EUR 4,000 to 12,000 (CHF 7,000 to 15,000) at Series A, and EUR 6,000 to 15,000 (CHF 10,000 to 20,000) as soon as a multi-class cap table requires an allocation by share class (Hectelion practice, 2026).

Q2: How much does a valuation cost for a seed-stage funding round?

At the seed stage, the range sits between EUR 2,000 and 8,000 or CHF 5,000 to 10,000, with the Berkus or Scorecard method generally sufficient to document a pre-revenue valuation on a simple cap table.

Q3: How much does a startup valuation cost at Hectelion?

At Hectelion, a startup valuation falls within the same ranges by stage, adjusted for the number of methods and the cap table structure. Book a call for a precise quote.

Q4: Is the price of a startup valuation negotiable?

The scope is more negotiable than the price itself. Reducing the number of methods cross-checked or the allocation across share classes lowers the quote, but weakens the report in front of investors or tax authorities.

Q5: Who pays for the valuation, the startup or the investors?

The startup generally mandates and pays for the valuation, even when the initiative comes from an investor seeking to objectify the round's price. Some institutional investors share this cost as part of their due diligence fees, a clause to negotiate in the term sheet.

Q6: Is a formal valuation required to set the BSPCE exercise price?

A documented valuation, including the allocation of value across share classes, is strongly recommended as soon as a BSPCE or BSA-AIR plan is granted, much like the US 409A practice. It protects the company and its beneficiaries in the event of a later audit.

Q7: Is an online estimate like Acontos enough to raise funds?

It gives a useful order of magnitude to prepare the negotiation, but does not document the assumptions or the allocation across share classes expected by an institutional investor or by tax authorities for a BSPCE plan.

Q8: How long does it take to get a startup valuation report?

Two to three weeks at the seed stage, three to five weeks at Series A, five to eight weeks when the cap table has several share classes to allocate. An indicative quote can be sent within forty-eight hours.

Q9: Why does a multi-class valuation cost more?

Because it requires a model allocating value across share classes, common and preferred, on top of the overall valuation, which multiplies the number of calculations, sensitivity tests and justifications to document in the report.

Q10: Is the cost of a startup valuation tax-deductible?

The tax treatment of fees depends on the jurisdiction and the context of the engagement, costs tied to a fundraising round or a deductible operating expense. This is a matter for tax advice, to confirm with your accountant before the engagement.

Estimate your startup's value with Acontos, Hectelion's online simulator

To take this further with a concrete figure, Hectelion offers Acontos, its online audit, due diligence and business valuation tool. Powered by Anthropic's Claude Sonnet 5 artificial intelligence and calibrated on Hectelion's own methodology, it reads your accounts, normalizes the available metrics and applies methods suited to young companies to estimate the value of your shares within minutes. Launch the valuation simulator for free: the tool is confidential, retains no document, and does not replace a formal valuation, but it gives a useful first order of magnitude to prepare for a funding round negotiation before speaking with our team.

Conclusion: the price of a startup valuation is read in the stage, not the quote alone

The cost of a startup valuation is not an isolated figure, it reflects a stage of development, the number of methods to cross-check and the structure of the cap table. For a seed or Series A startup, the EUR 2,000 to 12,000 or CHF 5,000 to 15,000 range covers the vast majority of files, with multi-class cap tables exceeding it. Comparing quotes means comparing identical scopes, not just amounts, exactly as for any business valuation engagement.

Article summary

A startup valuation costs between EUR 2,000 and 8,000 (CHF 5,000 to 10,000) at the seed stage, EUR 4,000 to 12,000 (CHF 7,000 to 15,000) at Series A, and EUR 6,000 to 15,000 (CHF 10,000 to 20,000) as soon as a cap table with several share classes requires an allocation by share class, in both France and Switzerland.

The price varies with six factors: the stage of development, the number of methods cross-checked, the capital structure, data availability, the jurisdiction or jurisdictions involved, and urgency tied to the round's timeline. The two priced cases illustrate this: EUR 5,000 for a French Series A with a single share class and complete data, CHF 18,000 for a Swiss deeptech Series A with a multi-class cap table valued using real options and a share-class allocation. Several levers reduce this bill without losing defensibility: preparing key metrics upfront, using Acontos for an initial scoping estimate, stabilizing the cap table before the engagement, and anticipating the BSPCE exercise price calculation.

Comparing providers means checking independence from the round's investors, the number of methods covered, and whether the allocation across share classes is addressed, beyond the quote amount alone. Hectelion carries out startup valuation engagements in France and Switzerland, for companies from seed through Series B, in full independence from traditional financial intermediaries.

Sources

• Aswath Damodaran, NYU Stern School of Business, data and methods for valuing young companies
• France Invest, venture capital barometer
• IFRS Foundation, IFRS 13, Fair Value Measurement
• International Private Equity and Venture Capital Valuation Guidelines (IPEV), guidelines for valuing venture capital investments
• International Valuation Standards Council (IVSC), International Valuation Standards

Author

Aristide Ruot, Ph.D.
Founder | CEO, Hectelion SA