From the WSGR Database: Financing Trends for Q1 2012

The first quarter of 2012 showed a decline in both the number of deals that were funded and the total dollars raised, although valuations and amounts raised remained strong for all but Series B financings. Median amounts raised in Series C and later financings increased significantly from those seen in the fourth quarter of 2011 while maintaining nearly the same median valuation. Series A transactions, not including angel deals, also increased modestly in terms of both amounts raised and valuation.

Series B valuations for software companies were an exception to the general rule and, together with valuations for later-stage financings generally, were higher in the first markets, in particular successful and anticipated initial public offerings.