Background -

We analyzed the terms of 180 venture financings closed in the third quarter of 2014 by companies headquartered in Silicon Valley.

Overview of Fenwick & West Results -

Valuation results continued strong in 3Q14, but declined from 2Q14, which was the strongest quarter in the 12-year history of our survey.

- Up rounds exceeded down rounds 76% to 12%, with 12% flat, in 3Q14. This was a decline from 2Q14, when up rounds exceeded down rounds 80% to 6%, with 14% flat, but still a strong quarter.

- The Fenwick & West Venture Capital Barometer™ showed an average price increase in 3Q14 of 79%, a significant decline from the 113% registered in 2Q14, which was the strongest quarter on record, but a strong result nonetheless.

- The median price increase of financings in 3Q14 was 43%, again a decline from the 75% registered in 2Q14, but still solid.