This survey is a special interim report to highlight changes in the Silicon Valley venture capital environment through July 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 -

The venture environment is looking solid. Deal volume continued to be strong in July, with a notable increase in the percentage of early-stage financings. Valuation metrics are improving, although still lagging pre-pandemic levels.

Financing volume strong.

- The number of Silicon Valley venture financings increased to 73 in July from 63 in June, and surpassed the 2019 monthly average of 65.

- Earlier stage financings accounted for 59% of July financings, the highest percentage since March and slightly higher than the 55% monthly average in 2019. The percentage of early-stage financings had been low in April, May and June, perhaps due to venture capitalists focusing on securing capital for their existing, later stage investments, but the early-stage segment appears to have recovered...