While venture financing valuations and deal sizes were down in the first quarter of 2018 from the record-breaking levels of 2017, they remained high by historical standards. In Q1 2018, the percentage of up rounds for Series B and later financings declined, and median pre-money valuations and amounts raised in Series B and later financings fell moderately. However, in Q1 early-stage financings, there were slight increases in median pre-money valuation and amount raised. Notably, and consistent with what has been reported elsewhere, deal counts continued to decline in Q1 2018, following a trend toward a fewer number of deals, even as the deal amounts are on average larger.