Our survey analyzed the terms of 211 venture financings closed in the third 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 77% to 12%, with 11% flat in Q3, an increase from Q2 when up rounds exceeded down rounds 71% to 15%, with 14% flat.

• The Fenwick & West Venture Capital Barometer™ showed an average price increase in Q3 of 76%, a significant increase from 51% in Q2, but still below the average price increase of 93% for financings in 2019...