Venture Capital trends

Fascinating new study out from Fenwick & West on venture financing. According to the study (bear in mind that financing wasn’t great a year ago):

  • Q1 financings skewed heavily towards late, down rounds, with 42% of financings being series D or later (as compared to about 32% a year ago), and with about 75% of financings down or flat rounds (as compared to about 32% a year ago).
  • Financings were much more likely to have >1x liquidation preferences than a year ago.
  • Uncapped participation was slightly up compared to a year ago.
  • Cumulative dividends provisions were about double compared to a year ago.

Lots more details in the report. Worth a read if you’re in the business …

Download the report here: http://www.fenwick.com/publications/6.12.1.asp?vid=9.

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