Our survey analyzed the terms of 171 venture financings closed in the fourth quarter of 2023 by companies headquartered in Silicon Valley.

Fourth-quarter Bay Area venture capital financings remained largely flat from the preceding four quarters (average of 174). Q4 was also notably consistent with the prior quarter, aside from select data points.

The Fenwick Venture Capital Barometer™, measuring the average percentage share price change between rounds, has remained consistent since Q4 2022 (87% in Q4 2023).