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 >

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Silicon Valley Center
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San Francisco, CA 94104

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+86 21 8017 1200

Fenwick & West Releases the First Angel/Seed Financing Survey for the Internet/Digital Media and Software Industries

April 7, 2011 (Mountain View, CA) – Fenwick & West LLP, one of the nation’s preeminent law firms providing comprehensive legal services to high technology and life science clients, today released its first Angel/Seed Financing Survey.

The survey covers 52 internet/digital media and software companies that raised angel/seed financing in the Silicon Valley or Seattle markets in 2010. For purposes of the survey, an "angel/seed financing" is the first round of financing of a company in which it raised between $250,000 and $2 million and is led by a professional investor.

“In 2002, we began publishing our Venture Capital Survey in response to the change in market conditions resulting from the burst of the 'dot-com bubbl' and a desire to provide the entrepreneurial community with objective information about the status of the venture environment,” said Barry Kramer, a partner in the firm's Corporate Group. "We believe that in recent years, the angel/seed financing environment has undergone significant changes for mostly unrelated reasons, especially in the internet/digital media and software industries, where entrepreneurs can develop and begin commercializing products with less resources than other industries. As a result we decided to develop and publish a survey to analyze market conditions and changes in that environment," explained Mr. Kramer.

Some of the results of the survey are as follows:

  • Seed stage funds led 45% of the financings, individual angels led 31% of the financings and venture capital funds led 24% of the financings.
  • A larger percentage of the financings were structured as preferred stock financings as opposed to convertible note financings, and those that were structured as convertible note financings capped the conversion price in substantially over a majority of the financings.
  • The median amount raised in preferred stock financings was $1.1 million, and $0.6 million in convertible note financings.
  • The median pre-money valuation for preferred stock financings was $3.4 million for internet/digital media financings and $2.7 million for software financings.
  • Investors received a board seat in approximately 70% of preferred stock financings, but in less than 10% of convertible note financings.

"We believe these results are consistent with our anecdotal observation that angel financings have become more sophisticated and larger in the internet/digital media and software industries in recent years, as the class of investors between 'friends and family' investors and traditional venture capital has developed and expanded," said Steve Levine, who is also an attorney in the firm's Corporate Group. "We view this as a healthy response to changing market conditions, and intend to continue to follow these trends," concluded Mr. Levine.

Complete results of the survey are available at

About Fenwick & West

Established in 1972, Fenwick & West LLP 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 Kramer
Fenwick & West LLP
Phone: 650.335.7278

Steve Levine
Fenwick & West LLP
Phone: 650.335.7847

Merredith Branscombe
Le@p! Public Relations
Phone: 702.235.7353