Our survey analyzed the terms of 229 venture financings closed in the fourth quarter of 2020 by companies headquartered in Silicon Valley.

Key Findings -

Valuation results rebounded from the prior quarter, but remain down from pre-pandemic peak levels

• Up rounds exceeded down rounds 86% to 5%, with 9% flat in Q4, an increase from the prior quarter when up rounds exceeded down rounds 77% to 12%, with 11% flat. This quarter had the highest percentage of up rounds since Q2 2019 and the lowest percentage of down rounds since Q3 2015.

• The Fenwick & West Venture Capital Barometer™ showed an average price increase in Q4 of 125%, a significant increase from 76% in Q3 and the second highest average price increase recorded in a quarter since we began calculating valuation metrics in 2004...