We analyzed the terms of venture financings for 122 companies headquartered in Silicon Valley that reported raising money in the first quarter of 2011.

Up rounds exceeded down rounds in 1Q11 67% to 16%, with 17% of rounds flat. This is very similar to 4Q10, when up rounds exceeded down rounds 67% to 21%, with 12% flat. This was the seventh quarter in a row in which up rounds exceeded down rounds. It was also the largest amount by which up rounds exceeded down rounds in 3.5 years.

The Fenwick & West Venture Capital Barometer showed an average price increase of 52% in 1Q11, less than the 61% increase registered in 4Q10, but still a very healthy increase. This was also the seventh quarter in a row in which the Barometer was positive.