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We analyzed the deal terms of 83 financings for privately-held, U.S.-based companies valued at $1 billion or more—known as unicorns—that raised money in 2017 and the first half of 2018. We included comparative data covering unicorn financings from 2014 through 2016, finding that while deal volume in H1 2018 has rebounded from depressed 2016 levels, and venture deals continued to grow in size with an increasing concentration of investment dollars into a fewer number of companies, the average amount of capital raised has decreased compared to 2016.
Number of 2017 Financings Rebounds Over 2016, Continues Pace in 2018
Average Financing Amount Declines
Percentage of Up Rounds Increases
Dual-Class Common Stock Financings See Uptick
IPO Downside Protections on Upswing
Upside Benefits Increase
Download the full report covering top-line trends for unicorn financings from 2014 through H1 2018.
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