As we reported in Q1 2015, venture money is continuing to shift to a smaller number of large deals, which is causing surges in both the percentage of deals that are up rounds (which remained quite high in Q2) and pre-money valuations. Notably, valuations of companies in later-round deals reached levels in Q2 not seen since before the Great Recession. Market conditions remain extremely founder-favorable, as noted in the other terms described below.