In a conference call hosted by The Logic, Nayla Chebli, investment director at the Caisse de dépôt et placement du Québec, said the VC arm of the public investment fund is seeing valuations at Series C and D rounds ranging between $600 and $700 million, up from about $300 to $400 million two years ago. Manica Blain of BrandProject and Danielle Graham of Archangel, who focus on seed-stage and angel-stage companies, respectively, said they were observing similar trends in their segments of the industry. (The Logic)

Talking point: Part of what’s driving valuations across the board is a rush of investors competing for a cohort of companies that have performed well during the pandemic. At the earliest stages, Graham noted that an influx of first-time investors has buoyed activity in the space, particularly as they get comfortable with remote deal-making. At later stages, funds are still deploying dry powder raised before the pandemic struck, while more institutional investors fund technology firms. Chebli cautioned against a possible correction in valuations, pointing to recent volatility in the public markets. “The right companies are going to be able to grow into their valuations,” she said, “but I think some of them are going to get hurt in the process.”