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 >

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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Silicon Valley Center
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Mountain View, CA 94041

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San Francisco, CA 94104

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1191 Second Avenue
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Unit 908, 9/F, Kerry Parkside Office
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+86 21 8017 1200


Silicon Valley Venture Capital Survey - Fourth Quarter 2015

By: Barry Kramer and Khang Tran

February 21, 2016



We analyzed the terms of 152 venture financings closed in the fourth quarter of 2015 by companies headquartered in Silicon Valley.

Overview of Fenwick & West Results

Valuation results in 4Q15 were moderately strong, but were not as strong as recent quarters.

  • Up rounds exceeded down rounds 82% to 12%, with 6% flat. This was a decrease from a very strong 3Q15, when up rounds exceeded down rounds 86% to 4%, with 10% flat.
  • The Fenwick & West Venture Capital Barometer showed an average price increase in 4Q15 of 70%. While still strong, this was a significant decrease from the 116% recorded in 3Q15, and was the lowest Barometer reading since 4Q13.
  • The median percentage increase of financings in 4Q15 was 39%. This was a noticeable decline from the 51% recorded in 3Q15 and the 74% recorded in 2Q15.
  • For the first time since 1Q10, when we began tracking data by industry, the software industry was not in our top two industries from a valuation perspective, although it did lead with 48% of all deals. Rather the internet/digital media industry, with 94% up rounds, a 111% Barometer reading and a 95% median price increase, and the hardware industry, with 82% up rounds, a 100% Barometer reading and a 63% median increase, were the two strongest industries, followed by the software industry, with the life science industry trailing.
  • Series E and later financings (which can consist of both high valuation and struggling companies) were generally tougher than other series, with down rounds increasing to 26%, the Barometer declining to 16%, the percentage having senior liquidation preference increasing to 52%, and such financings declining as a percentage of all financings to 15%.


For additional detailed information on the valuation and terms of financing in Silicon Valley, download the full version of the Silicon Valley Venture Survey - Fourth Quarter 2015 (PDF).