Silicon Valley Venture Capital Survey – Fourth Quarter 2021

By: Cynthia Clarfield Hess, Mark A. Leahy, Khang Tran

Our survey analyzed the terms of 287 venture financings closed in the fourth quarter of 2021 by companies headquartered in Silicon Valley.

Key Findings

  • Valuation results again reached new record highs, with the highest percentage of up rounds and the lowest percentage of down rounds recorded in a quarter in the history of this survey, as well as new record highs of average and median price increases.
  • Series B and C financings recorded the strongest valuation results in the quarter and the highest average and median price increases for those series of financings in the history of this survey. Series D and E+ financings, meanwhile, recorded weaker valuation results in the quarter compared to the previous quarter.
  • The internet/digital media and software industries again recorded the strongest valuation results in the quarter. Valuation results for the hardware industry recorded the greatest gains in average and median price increases compared to the previous quarter, while the life sciences industry recorded weaker valuation results compared to the previous quarter.

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