SA Insider has listed its own 100 most valuable digital startups. The list is pretty US oriented with only a few companies from other parts of the world. From Nordic and Baltic region, you can find 2 companies – Skype and Sulake. The list immediately sparked lots of good debate about who’s missing the list and why. One of those opinions can be found from Ben Black. He argues that, in my opinion correctly, that there are lots of social gaming companies valued over $100M that didn’t make the list ($100M seems to be the cut off line more or less for the last companies on the list).

However, Skype and Sulake did make the list. Skype is listed as #4 on the list with a valuation of $4 billion. Sulake is a bit lower on the list at position 34 with a valuation of $350 million. SA Insider gave Sulake a revenue multiple of 5x (which is at the lower end of the gaming companies) based on the estimated 2010 revenues of around $70 million.

Back in 2008, we wrote about the same company doing a similar listing of digital startups. Back then, Sulake was valued at a whopping $1.25 billion. The list from 2008 can be seen on their website.

Lists like these are fun to make and surely attract a lot of attention and debate, regardless how accurate the figures are. For one, I’m wondering how come there aren’t that many Asian companies in the list which surely are valued north of $100 million. Talking of which, where do you draw the line of being a startup these days? Making a list of 100 most valued digital companies is a lot more difficult so that could be one of the reasons behind the choice of semantics.

Nevertheless, good food for thought over the weekend.