Silicon Valley Venture Capital Flash Report – July 2020

Fenwick & West LLP

This survey is a special interim report to highlight changes in the Silicon Valley venture capital environment through July 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 -

The venture environment is looking solid. Deal volume continued to be strong in July, with a notable increase in the percentage of early-stage financings. Valuation metrics are improving, although still lagging pre-pandemic levels.

Financing volume strong.

- The number of Silicon Valley venture financings increased to 73 in July from 63 in June, and surpassed the 2019 monthly average of 65.

- Earlier stage financings accounted for 59% of July financings, the highest percentage since March and slightly higher than the 55% monthly average in 2019. The percentage of early-stage financings had been low in April, May and June, perhaps due to venture capitalists focusing on securing capital for their existing, later stage investments, but the early-stage segment appears to have recovered...

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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