The value of a company at any particular moment. Because there is no public market for the shares of private companies (unlike companies on a stock market) valuing private companies is a hazy area (although there are methodologies which can be of help). In a Venture Capital context, Pre-Money Valuation will usually be arrived at through a process of negotiation between the Founders and the VCs and Angel Investors. See also Pre-Money Valuation and Post-Money Valuation.