We analyzed the terms of 188 venture financings closed in the fourth quarter of 2019 by companies headquartered in Silicon Valley. The quarter recorded the highest average and median price increases in the 16-year history of our survey.

Overview of Fenwick & West Results –

After modestly trending upwards over the past couple of years, valuation results spiked in the fourth quarter of 2019, with the highest recorded average and median price increases in the 16-year history of our survey.

• Up rounds exceeded down rounds 84% to 5%, with 11% flat in Q4 2019, an increase from Q3 2019 when up rounds exceeded down rounds 81% to 7%, with 12% flat.

• The Fenwick & West Venture Capital Barometer™ showed an average price increase in Q4 of 142%, an increase from the 88% recorded in the prior quarter, and the highest average price increase in a quarter since we began calculating valuation metrics in 2004. The average price increase in the quarter was boosted by a Series C financing of a blockchain technology company with an over 3100% price increase from the prior round and a Series B financing of a VoIP company with a nearly 1500% price increase from the prior round. Excluding these two financings would yield an average price increase of 104%, which would still be the highest average price increase in a quarter since Q3 2015.