Silicon Valley Venture Capital Survey – Third Quarter 2023

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

Our survey analyzed the terms of 188 venture financings closed in the third quarter of 2023 by companies headquartered in Silicon Valley.


Third-quarter Bay Area venture capital financings reached the highest number in the past 12 months (188), including the most Series A financings (100) since Q2 2021. However, Q3 was notably consistent with the prior quarter, aside from select data points.

The Fenwick Venture Capital Barometer™, measuring the average percentage share price change between rounds, has remained consistent since Q4 2022 (84% in Q3 2023).

Download the full report here.