Silicon Valley Venture Capital Survey – First Quarter 2020

Fenwick & West LLP

We analyzed the terms of 230 venture financings closed in the first quarter of 2020 by companies headquartered in Silicon Valley. This survey follows our recent Silicon Valley Venture Capital Flash Report – First Quarter 2020, a special interim report which reported information on a monthly basis—rather than the typical quarterly basis—and highlighted changes in the Silicon Valley venture capital environment in light of the COVID-19 pandemic.

Key Findings -

Valuation Results in Q1 2020 Decline -

• Valuation results in Q1 2020 declined both from the peak levels recorded in the prior quarter and over the course of the quarter.

• Up rounds exceeded down rounds 79% to 14%, with 7% flat in Q1 2020, a decline from Q4 2019 when up rounds exceeded down rounds 84% to 5%, with 11% flat. The percentage of down rounds was the highest since Q1 2018.

• The Fenwick & West Venture Capital Barometer™ showed the average price increase declining from a record 142% in the prior quarter to 94% in Q1. The average price increase declined sharply as the quarter progressed, from 117% in January to 76% in February to 46% in March...

Please see full Survey 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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