Background –

We analyzed the terms of 215 venture financings closed in the third quarter of 2018 by companies headquartered in Silicon Valley.

Overview of Fenwick & West Results –

Valuation results were generally flat in Q3 2018 compared to the prior quarter. Overall, valuation metrics remain strong and are above historical averages, but have plateaued since Q3 2017.

• Up rounds exceeded down rounds 78% to 9%, with 13% flat in Q3 2018, a moderate improvement from Q2, when up rounds exceeded down rounds 78% to 12%, with 10% flat.

• The Fenwick & West Venture Capital Barometer™ showed an average price increase in Q3 2018 of 71%, a slight increase from the 70% recorded in the prior quarter…