As an important external financing channel for young potential SMEs, venture capital (VC) is booming worldwide recently and playing an important role in providing financial support as well as advanced management experience and social network. However, VC selecting criteria have always been controversial and VC investment decision-making is a kind of special MADM problem as VC investors not only consider dynamic selection criteria, but also analyze time series panel data that cannot be analyzed by traditional methods like TOPSIS and VIKOR method. In this paper, we firstly select 9 indexes as VC selection criteria and investigate the MADM to evaluate the target firms with time series attribute values. Then, we creatively develop a modified PROMETHEEII method to help VC value the time series attribute values. Finally, a numerical example with over 40,000 simulations for the value of SMEs invested by VC, is given to illustrate the effectiveness of modified PROMETHEEII method. Thus the modified PROMETHEEII method can be used as an effective method for VC to properly value SMEs and reduce VC investment risk.