Silicon Valley Venture Capital Survey – Fourth Quarter 2020

Fenwick & West LLP

Our survey analyzed the terms of 229 venture financings closed in the fourth quarter of 2020 by companies headquartered in Silicon Valley.

Key Findings -

Valuation results rebounded from the prior quarter, but remain down from pre-pandemic peak levels

• Up rounds exceeded down rounds 86% to 5%, with 9% flat in Q4, an increase from the prior quarter when up rounds exceeded down rounds 77% to 12%, with 11% flat. This quarter had the highest percentage of up rounds since Q2 2019 and the lowest percentage of down rounds since Q3 2015.

• The Fenwick & West Venture Capital Barometer™ showed an average price increase in Q4 of 125%, a significant increase from 76% in Q3 and the second highest average price increase recorded in a quarter since we began calculating valuation metrics in 2004...

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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