Our survey analyzed the terms of 177 venture financings closed in the first quarter of 2023 by companies headquartered in Silicon Valley.

While Fenwick doesn’t track fundraising volume, the drop in investments continues to be the headline for venture capital fundraising trends: according to Crunchbase, North American funding in the first quarter was $46.3 billion—a decline of 46% from the same period last year, though only a 13% decline from Q4 2022.