We analyzed the terms of 225 venture financings closed in the second quarter of 2018 by companies headquartered in Silicon Valley.

Overview of Fenwick & West Results -

Valuation results continued to be strong in Q2 2018, but declined moderately compared to the prior quarter.

• Up rounds exceeded down rounds 78% to 12%, with 10% flat in Q2 2018, an increase from Q1 when up rounds exceeded down rounds 75% to 15%, with 10% flat.

• The Fenwick & West Venture Capital Barometer™ showed an average price increase in Q2 2018 of 70%, a moderate decrease from the 74% recorded in the prior quarter, and the first quarter in which the average price increase had declined compared to the prior quarter since Q4 2016.

• The median price increase of financings in Q2 2018 was 37%, a decrease from the 41% recorded in Q1...