Silicon Valley Venture Capital Survey – Second Quarter 2021

Fenwick & West LLP

Our latest survey analyzed the terms of 358 venture financings closed in the second quarter of 2021 by companies headquartered in Silicon Valley.

Key Findings Include:

- The average and median price increases of financings and the percentage of up rounds were the highest recorded in a quarter in the history of this survey.

- Series B and D financings recorded the strongest valuation results in the quarter and the highest average and median price increases for those series of financings in the history of this survey.

- Valuation results for the internet/digital media and software industries strengthened compared to the previous quarter, while valuation results for the hardware industry weakened compared to the previous quarter.

- The use of investor-friendly terms, such as senior and multiple liquidation preferences, participation rights, cumulative dividends and redemption rights, remained low.

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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Fenwick & West LLP

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