We analyzed the terms of 189 venture financings closed in the third quarter of 2019 by companies headquartered in Silicon Valley. The quarter recorded the highest average price increase since mid-2015. The software and internet/digital media industries were again the industries with the two strongest valuation results in the quarter.

Overview of Fenwick & West Results -

Valuation results remained strong in Q3 2019, but, aside from a spike in the average price increase in the quarter, have largely plateaued in 2019.

• Up rounds exceeded down rounds 81% to 7%, with 12% flat in Q3 2019, a decline from Q2 2019 when up rounds exceeded down rounds 86% to 6%, with 8% flat.

• The Fenwick & West Venture Capital Barometer™ showed an average price increase in Q3 of 88%, an increase from the 77% recorded in the prior quarter, and the highest average price increase since Q3 2015...