Bay area venture capital firms2/29/2024 Series E+ financings were impacted the most, with 22% of companies facing down rounds. This is the highest percentage of down-round financings since Q1 2020, when they jumped to 14% around the onset of the COVID-19 pandemic. This contrasts with Q2 when Series D financings increased 167% from Q1.Down Rounds Keep Growing The percentage of down rounds continues to climb, from 1% of all financings in Q1 2022 to 13% in Q3 2023. Series D financings dropped 56% quarter to quarter, from 16 in Q2 to seven in Q3. Key Findings Early-Stage Financings Lead Growth, Series D Drops Series A and Series B (100 and 47 respectively) comprised 78% of all Q3 financings. The Fenwick Venture Capital Barometerâ„¢, measuring the average percentage share price change between rounds, has remained consistent since Q4 2022 (84% in Q3 2023). However, Q3 was notably consistent with the prior quarter, aside from select data points. Silicon Valley Venture Capital SurveyThird Quarter 2023Silicon Valley Venture Capital Survey2Background Our survey analyzed the terms of 188 venture financings closed in the third quarter of 2023 by companies headquartered in Silicon Valley.SummaryThird-quarter Bay Area venture capital financings reached the highest number in the past 12 months (188), including the most Series A financings (100) since Q2 2021.
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