Blog of Intellectual Capital

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Background
We analyzed the terms of 215 venture financings closed in the third quarter of 2018 by companies headquartered in Silicon Valley.

Key Findings
Up Rounds Continue to Dominate, Valuation Metrics Plateau
Valuation results were generally flat in Q3 2018 compared to the prior quarter. Overall, valuation metrics remain strong and are above historical averages, but have plateaued since Q3 2017.

Series B Financings Continue to Show Strongest Valuations
Series B financings recorded the strongest valuation results in Q3 2018, although the average price increase declined from 117% in Q2 to 92% in Q3, while the median price increase was up moderately from 66% in Q2 to 68% in Q3.

Life Sciences Industry Scores Strongest Valuations
The life sciences industry recorded the strongest valuation results in Q3 2018 and the greatest gain from the prior quarter, with an average price increase of 110%, up from 63% in Q2, and a median price increase of 44%, up from 19% in Q2.