For more than four decades, Fenwick & West LLP has helped some of the world’s most recognized companies become, and remain, market leaders. From emerging enterprises to large public corporations, our clients are leaders in the technology, life sciences and cleantech sectors and are fundamentally changing the world through rapid innovation.  MORE >

Fenwick & West was founded in 1972 in the heart of Silicon Valley—before “Silicon Valley” existed—by four visionary lawyers who left a top-tier New York law firm to pursue their shared belief that technology would revolutionize the business world and to pioneer the legal work for those technological innovations. In order to be most effective, they decided they needed to move to a location close to primary research and technology development. These four attorneys opened their first office in downtown Palo Alto, and Fenwick became one of the first technology law firms in the world.  MORE >

From our founding in 1972, Fenwick has been committed to promoting diversity and inclusion both within our firm and throughout the legal profession. For almost four decades, the firm has actively promoted an open and inclusive work environment and committed significant resources towards improving our diversity efforts at every level.  MORE >

FLEX by Fenwick is the only service created by an AmLaw 100 firm that provides flexible and cost-effective solutions for interim in-house legal needs to high-growth companies.  MORE >

Fenwick & West handles significant cross-border legal and business issues for a wide range of technology and life sciences who operate internationally..  MORE >

At Fenwick, we are proud of our commitment to the community and to our culture of making a difference in the lives of individuals and organizations in the communities where we live and work. We recognize that providing legal services is not only an essential part of our professional responsibility, but also an excellent opportunity for our attorneys to gain valuable practical experience, learn new areas of the law and contribute to the community.  MORE >

Year after year, Fenwick & West is honored for excellence in the legal profession. Many of our attorneys are recognized as leaders in their respective fields, and our Corporate, Tax, Litigation and Intellectual Property Practice Groups consistently receive top national and international rankings, including:

  • Named Technology Group of the Year by Law360
  • Ranked #1 in the Americas for number of technology deals in 2015 by Mergermarket
  • Nearly 20 percent of Fenwick partners are ranked by Chambers
  • Consistently ranked among the top 10 law firms in the U.S. for diversity
  • Recognized as having top mentoring and pro bono programs by Euromoney


We take sustainability very seriously at Fenwick. Like many of our clients, we are adopting policies that reduce consumption and waste, and improve efficiency. By using technologies developed by a number of our cleantech clients, we are at the forefront of implementing sustainable policies and practices that minimize environmental impact. In fact, Fenwick has earned recognition in several areas as one of the top US law firms for implementing sustainable business practices.  MORE >

At Fenwick, we have a passion for excellence and innovation that mirrors our client base. Our firm is making revolutionary changes to the practice of law through substantial investments in proprietary technology tools and processes—allowing us to deliver best-in-class legal services more effectively.   MORE >

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+86 21 8017 1200

Silicon Valley Venture Capital Survey - First Quarter 2016

View the full Silicon Valley Venture Capital Survey—First Quarter 2016.




We analyzed the terms of 148 venture financings closed in the first quarter of 2016 by companies headquartered in Silicon Valley.

Overview of Results

The weakening in valuations that began in 4Q15 continued in 1Q16, although the results for 1Q16 are still mostly above our historical averages.

  • Up rounds exceeded down rounds 78% to 11%, with 11% flat in 1Q16. This was a small decline from 4Q15, when up rounds exceeded down rounds 82% to 12% with 6% flat.
  • The average price increase of financings in 1Q16 compared to the company’s prior financing was 53%. This was a decline from the 70% recorded in 4Q15, and the lowest amount since 1Q12.
  • The median price increase of financings in 1Q16 compared to the company’s prior financing was 36%. This was a small decline from the 39% recorded in 4Q15 and the lowest amount since 4Q13.
  • This quarter we have included expanded graphs in the survey showing percentage up rounds, average price change and median price change for each quarter since we began calculating such amounts in 2004. This was done to provide more historical context for the current results, and these new graphs appear on pages 3, 5 and 8, respectively. In summary, the 1Q16 up round percentage was above the historical average (78% vs 66%), the average price increase was slightly below the historical average (53% vs 56%) and the median price increase was above the historical average (36% vs 28%).
  • The software, hardware and internet/digital media industries each led one of the valuation metrics, with the software industry have the largest percentage of up rounds (83%), the hardware industry having the largest average price increase (96%) and the internet/digital media industry having the largest median price increase (65%). The life science industry trailed the other industries in valuation metrics.


View the full Silicon Valley Venture Capital Survey—First Quarter 2016.