Background -

This report analyzes the terms of 190 venture financings closed in the fourth quarter of 2017 by companies headquartered in Silicon Valley.

Overview of Results -

Valuation Results Remain Strong -

Valuation results continued to be strong in Q4 2017, but the percentage price increases declined moderately compared to the prior quarter, following three consecutive quarters of increases. Up rounds exceeded down rounds 70% to 19%, with 11% flat in Q4 2017, a decrease from Q3 when up rounds exceeded down rounds 79% to 10%, with 11% flat. This was the lowest percentage of up rounds since Q4 2016 and the highest percentage of down rounds since Q2 2013.