Wilson Sonsini Goodrich & Rosati’s experience confirms reports that the market remains positive overall, with up rounds comprising more than three-quarters of all venture deals in Q1 2014, the highest proportion in several years. As reported by both Dow Jones Venture Source and Pitchbook, the number of venture deals continued to decline in Q1 2014, a trend since Q1 2013, while amounts raised remained generally robust.

Both median amounts raised and median pre-money valuations declined from 2013 to Q1 2014 for seed, Series A,1 and Series B transactions. Although valuations and amounts raised in Series C and later deals in Q1 2014 were below those of Q4 2013, they remained higher than full-year 2013 valuations and amounts.