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Archive for February 11th, 2020

IMG
Silicon Valley Venture Capital Survey – Fourth Quarter 2019
First Look
By Cynthia Clarfield Hess, Mark A. Leahy and Khang Tran

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Background
We analyzed the terms of 188 venture financings closed in the fourth quarter of 2019 by companies headquartered in Silicon Valley. Valuation results spiked in Q4 2019, with the highest average and median price increases recorded in the 16-year history of our survey.

Key Findings

  • Up rounds exceeded down rounds 84% to 5%, with 11% flat in Q4 2019—an increase from Q3 2019
  • The average price increase of financings rose sharply from 88% in Q3 2019 to 142% in Q4
  • The median price increase of financings increased from 54% in Q3 2019 to 76% in Q4
  • Series D financing rounds recorded considerably stronger valuation results compared to Q3 2019
  • The internet/digital media and software industries recorded the strongest valuation results in Q4
  • The percentage of financings in Q4 2019 providing for redemption rights increased to 11%—the highest percentage since Q3 2015
  • The percentage of financings with cumulative dividends in the quarter was the lowest since Q4 2017
First Look

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