The third quarter of 2016 featured the reversal of several trends seen earlier in the year, most notably in pre-money valuations, which increased substantially for all rounds. The gain in pre-money valuations also drove a decline in the percentage of down rounds for the quarter, which fell to 9%, the lowest share in more than a year and far below the five-year median (from Q4 2011 through Q3 2016) of 16%. If these strong valuations continue through the fourth quarter, 2016 cumulative pre-money valuations may catch up to those of 2015. In addition, median dollar amounts raised are on track to exceed those of 2015 for all but Series C and later rounds.