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Fenwick & West's Silicon Valley Venture Capital Survey Shows Valuation Metrics Down Modestly in the Third Quarter of 2016

Fourth Consecutive Quarter of Weakening Valuation Metrics have Regressed to 12-Year Average from 2015 Highs

MOUNTAIN VIEW, Calif., November 11, 2016-- Fenwick & West LLP, one of the nation's premier law firms providing comprehensive legal services to high technology and life sciences clients, today announced the results of its Third Quarter 2016 Silicon Valley Venture Capital Survey.

The survey analyzed the valuations and terms of venture financings for 149 companies headquartered in the Silicon Valley that raised capital in the third quarter of 2016.

"During the third quarter of 2016, up rounds exceeded down rounds 71% to 14%, with 15% flat. This was a decrease from the second quarter of 2016 when up rounds exceeded down rounds 74% to 13%, with 13% flat," said Barry Kramer, partner in the Corporate Group of Fenwick & West and author of the survey.

An up round is one in which the price per share at which a company sells its stock has increased since its prior financing round. Conversely, a down round is one in which the price per share has declined since a company's prior financing round.

The average percentage change in the share price of companies funded during the quarter, compared with the share price of their previous financing round, showed a 52% price increase for the quarter, an increase from the 40% recorded in the second quarter of 2016. This increase was primarily due to two (life science) financings that had valuation increases significantly higher than any seen in the second quarter. The median price increase of financings in the third quarter was 27%, a decline from the 31% recorded in the second quarter and the lowest amount since the fourth quarter of 2013.

The results for price change direction, average price change and median price change since the survey began calculating such statistics in 2004, are set forth below.

"This was the fourth quarter in a row of overall declines in the venture valuation metrics, with two of the three metrics declining in the quarter. The valuation metrics hit an all time (12-year) high in mid-2015, but have since fallen to be generally flat with the 12-year average for such metrics," noted Kramer.

Complete results of the survey with related discussion are posted on Fenwick & West's website at

About the Survey

The Fenwick & West Quarterly Venture Capital Survey, authored by law firm partner Barry J. Kramer, has been published for over 14 years and offers a unique view of the venture capital market in Silicon Valley by providing insight into the changes in venture capital valuations and terms. Focusing on trends in venture financing and valuations, the Fenwick & West Survey complements the economic data presented by Dow Jones VentureSource, the MoneyTree™ Report by PricewaterhouseCoopers and the National Venture Capital Association based on data from Pitchbook, and CB Insights.

About Fenwick & West

Fenwick & West LLP provides comprehensive legal services to ground-breaking technology and life sciences companies -- at every stage of their lifecycle -- and the investors that partner with them. We craft innovative, cost-effective and practical solutions on issues ranging from venture capital, public offerings, joint ventures, M&A and strategic relationships, to intellectual property, litigation and dispute resolution, taxation, antitrust, and employment and labor law. For more than four decades, Fenwick has helped some of the world's most recognized companies become and remain market leaders. For more information, please visit

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