Blog of Intellectual Capital

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Background
This survey is a special interim report to highlight changes in the Silicon Valley venture capital environment in light of the COVID-19 pandemic. To facilitate analysis, we are providing information on a monthly basis, rather than the typical quarterly basis. We are also providing monthly data for the comparable period in 2019.

Key Findings

• Q1 2020 saw a reduction in the number of financings, and a decline in financing price increases, as the quarter progressed.
• In January 2020 there were 126 venture financings in Silicon Valley—the largest number of venture financings in a single month in at least five years—before declining to 60 in February 2020 and to 44 in March 2020. By comparison, there were 61 venture financings in March 2019.
• The Fenwick & West Venture Capital Barometer showed that while the average price increase in January 2020 was 117%, it declined to 76% in February 2020 and declined further to 46% in March 2020. By comparison, the average price increase in March 2019 was 63%.
• Q1 2020 did not show a significant change in non-price terms.