Silicon Valley Venture Capital Survey – Second Quarter 2023

By: Cynthia Clarfield Hess , Mark A. Leahy , James Li

Our survey analyzed the terms of 162 venture financings closed in the second quarter of 2023 by companies headquartered in Silicon Valley.


Venture capital financings in Silicon Valley reached a seven-year low and down rounds increased, while early-stage financings (Series A and Series B) decreased as a percentage of all financings, from 83% of financings in the first quarter of 2023 to 73% of financings in the second quarter of 2023. The emerging interest in companies focused on AI drove an uptick in software sector financings. 

The Fenwick Venture Capital Barometer™, measuring the average percentage share price change between rounds, has remained consistent since Q4 2022 (85% in Q2 2023), following eight straight quarters of unprecedented price increases from prior rounds. 

Download the full report here.