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 >

Mountain View Office
Silicon Valley Center
801 California Street
Mountain View, CA 94041

San Francisco Office
555 California Street
12th Floor
San Francisco, CA 94104

Seattle Office
1191 Second Avenue
10th Floor
Seattle, WA 98101

New York Office
1211 Avenue of the Americas
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New York, NY 10036

Shanghai Office
Unit 908, 9/F, Kerry Parkside Office
No. 1155 Fang Dian Road
Pudong New Area, Shanghai 201204
P.R. China
+86 21 8017 1200

2012 Internet/Digital Media and Software Industries Seed Financing Survey

Mountain View, CA (March 25, 2013) – Fenwick & West today released its 2012 Seed Financing Survey. The survey covers 61 internet/digital media and software companies that raised seed financing in the Silicon Valley or Seattle markets in 2012. For purposes of the survey, a “seed financing” is the first round of financing of a company in which it raised between $250,000 and $2.5 million and is led by a professional investor.

“This is our third annual Seed Financing Survey. We began publishing the survey in 2011 in response to the increased amount and importance of seed investment in the entrepreneurial community. This third survey finds that valuations of seed equity financings in the internet/digital media and software industries have continued to increase, from an average of $3.2 million in 2010 to $3.8 million in 2011 to $4.6 million in 2012, and discusses the continued growth and institutionalization of seed financing,” said Barry Kramer, co-author of the survey and a partner in Fenwick’s Start-ups & Venture Capital Group.

Some of the results of the survey are as follows:

  • While 45 percent of companies receiving seed funding in 2010 had obtained Series A funding by the end of the following year (2011), only 27 percent of companies receiving seed funding in 2011 had received Series A funding by the end of the following year (2012).
  • The use of a preferred stock structure, as opposed to a convertible debt structure, increased from 59 percent in 2011 to 67 percent in 2012.
  • The percentage of seed deals led by venture capitalists, as opposed to seed funds or angels, increased from 27 percent in 2011 to 34 percent in 2012.
  • The percentage of software companies in the survey increased from 25 percent in 2011 to 34 percent in 2012, and accordingly the percentage of internet/digital media companies decreased from 75 percent to 66 percent.

“These results show a continued strong and diverse seed stage financing environment in the internet/digital media and software industries,” said Steve Levine, co-author of the survey and also a partner in Fenwick’s Start-ups & Venture Capital Group. “However, the decreased percentage of seed funded companies that had received Series A investment by the end of the following year emphasizes the importance of companies demonstrating traction with the seed investment they receive, in order to obtain Series A funding.”

Complete results of the survey are available at

About Fenwick & West
Established in 1972, Fenwick & West is one of the nation’s preeminent law firms with extensive expertise in venture capital, public offerings and other corporate finance, joint ventures, M&A and strategic relationships, intellectual property, litigation and dispute resolution, taxation, antitrust and employment and labor law.

Barry J. Kramer
Fenwick & West
Phone: 650.335.7278

Steven S. Levine
Fenwick & West
Phone: 650.335.7847

Merredith Branscomb
Le@p! Public Relations
Phone: 702.235.7353