Silicon Valley Venture Capital Flash Report - October 2020

Fenwick & West LLP

This survey is a special interim report to highlight changes in the Silicon Valley venture capital environment through October 2020 in light of the COVID-19 pandemic.

Please note that when providing data on a monthly basis, and especially when analyzing trends among industries or series on a monthly basis, we are working with smaller numbers than in our quarterly report and accordingly the possibility of statistical anomalies increases.

Key Findings -

Venture valuation metrics were strong, returning to pre-pandemic levels for the first time. Deal volume was also solid. The software and life sciences industry results were strong, while internet/new media lagged.

Valuation metrics were strong.

- The percentage of up-rounds in October was 79%, the highest since February and just slightly below the 2019 average of 83%. The percentage of down rounds was 4%, the lowest since December 2019.

- The average share price increase was 101%, the highest since January and higher than the 2019 average of 93%.

- The median share price change was 73%, the highest since November 2019 and notably higher than the 2019 average of 60%.

Financing volume continued solid.

- The number of Silicon Valley venture financings was stable in October, with 65 financings, which was the same amount as in September, as well as the average for 2019...

Please see full Report below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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