This survey is a special interim report to highlight changes in the Silicon Valley venture capital environment through October 2020 in light of the COVID-19 pandemic.

Please note that when providing data on a monthly basis, and especially when analyzing trends among industries or series on a monthly basis, we are working with smaller numbers than in our quarterly report and accordingly the possibility of statistical anomalies increases.

Key Findings -

Venture valuation metrics were strong, returning to pre-pandemic levels for the first time. Deal volume was also solid. The software and life sciences industry results were strong, while internet/new media lagged.

Valuation metrics were strong.

- The percentage of up-rounds in October was 79%, the highest since February and just slightly below the 2019 average of 83%. The percentage of down rounds was 4%, the lowest since December 2019.

- The average share price increase was 101%, the highest since January and higher than the 2019 average of 93%.

- The median share price change was 73%, the highest since November 2019 and notably higher than the 2019 average of 60%.

Financing volume continued solid.

- The number of Silicon Valley venture financings was stable in October, with 65 financings, which was the same amount as in September, as well as the average for 2019...