Background -

We analyzed the terms of 152 venture financings closed in the fourth quarter of 2015 by companies headquartered in Silicon Valley.

Overview of Fenwick & West Results -

Valuation results in 4Q15 were moderately strong, but were not as strong as recent quarters.

Up rounds exceeded down rounds 82% to 12%, with 6% flat. This was a decrease from a very strong 3Q15, when up rounds exceeded down rounds 86% to 4%, with 10% flat.