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Posts Tagged ‘Fenwick & West’
Silicon Valley Venture Capital Survey – Second Quarter 2018 – First Look by By Cynthia Clarfield Hess, Mark A. Leahy and Khang Tran
Posted in Uncategorized, tagged Cynthia Clardield Hess, Fenwick & West, Khang Tran, Mark A Leahy, Silicon Valley Venture Capital Survey – Second Quarter 2018 on August 2, 2018| Leave a Comment »
Silicon Valley Venture Capital Survey – First Quarter 2018 by Cynthia Clarfield Hess, Mark A. Leahy and Khang Tran
Posted in Uncategorized, tagged Catherine Clarfield Hess, Fenwick & West, Khang Tran, Mark A Leahy, Silicon Valley VC Survey on May 24, 2018| Leave a Comment »
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Download the full report.
Background
This report analyzes the terms of 200 venture financings closed in the first quarter of 2018 by companies headquartered in Silicon Valley.
Overview of Results
Valuation Results Remain Strong but Have Flattened
Valuation results were generally flat in Q1 2018 compared to the prior quarter. Overall, valuation metrics are well above historical averages, but have plateaued since Q3 2017. Up rounds exceeded down rounds 75% to 15%, with 10% flat in Q1 2018, an increase from Q4 2017 when up rounds exceeded down rounds 70% to 19%, with 11% flat.
The Fenwick & West Venture Capital Barometer™ showed an average price increase in Q1 2018 of 74%, which was flat compared to the prior quarter. The average price increase had previously peaked in Q3 2017 after five consecutive quarters of increases before decreasing moderately in Q4 2017.
The median price increase of financings in Q1 2018 was 41%, a slight decrease from the 42% recorded in Q4 2017, and the second consecutive quarter of declines following four quarters of increases.
Internet/Digital Media Continues to Score Highest Valuation Results
Similar to the prior quarter, the internet/digital media industry recorded the strongest valuation results in Q1 2018 compared to the other industries, with an average price increase of 101% and a median price increase of 59%. However, the valuation results for the internet/digital media industry were moderately weaker compared to the prior quarter.
In contrast, the software, hardware and life sciences industries all recorded stronger valuation results in Q1 compared to the prior quarter. The hardware industry, in particular, recorded the second strongest valuation results in Q1 and the greatest improvement in valuation results compared to the prior quarter, with the average price increase increasing from 40% in Q4 2017 to 97% in Q1 2018 and the median price increase increasing from 13% in Q4 2017 to 52% in Q1 2018.
Download the full report covering top line trends for venture capital financings of Silicon Valley companies in Q1.
Silicon Valley Venture Capital Survey – First Quarter 2018 First Look By Cynthia Clarfield Hess, Mark A. Leahy and Khang Tran
Posted in Uncategorized, tagged Cynthia Clarfield Hess, Fenwick & West, Khang Tran, Mark A Leahy, Silicon Valley VC Survey - First Quarter 2018 on May 4, 2018| Leave a Comment »
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Silicon Valley Venture Capital Survey – Fourth Quarter 2017 – Fenwick & West – by Cynthia Clarfield Hess, Mark. A. Leahy and Khang Tran
Posted in Uncategorized, tagged Cynthai Clarfield Hess, Fenwick & West, Khang Tran, Mark A Leahy, Silicon Valley Venture Capita Survey - Fourt Quarter 2017 on March 16, 2018| Leave a Comment »
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Silicon Valley Venture Capital Survey – First Quarter 2017 Fenwick & West
Posted in Uncategorized, tagged Fenwick & West, First Quarter 2017, Silicon Valley Venture Capital Survey on May 30, 2017| Leave a Comment »
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Click here for the full survey.
Background
This report analyzes the valuations and terms of venture financings for 191 companies headquartered in the Silicon Valley that raised capital in the first quarter of 2017.
Overview of Results
Venture valuations improved slightly in Q1 2017 compared to the prior quarter, with valuation metrics now flat with their 13-year averages after falling from 2015 peaks. The hardware industry had the strongest valuation results in the first three months of 2017.
Valuations Stabilize
Venture valuations showed improvements in Q1 2017 compared to Q4 2016, and valuation metrics are now generally flat with their 13-year averages after having fallen from all-time highs in mid-2015.
Hardware Sector Stands Out
The hardware industry recorded the strongest valuation results in Q1 2017, with the Fenwick & West Venture Capital Barometer™ showing an average price increase of 81% in Q1 2017, up from 50% in Q4 2016.
Valuations Improved for Later Stage Investments
The Barometer showed an average price increase for Series D and E+ rounds of 45% and 60% in Q1 2017, an increase from the 16% and -1% recorded in Q4 2016.
Investor-Favorable Deal Terms Increase
The use of investor-favorable deal terms, including multiple liquidation preferences, participation rights and cumulative dividends, increased in Q1 2017.
Download complete results of the survey with related discussion.
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