he direction o price changes or 112 San Francisco Bay Area companies receiving inancing, as compared to their previous rounds.
Number of Deals Amount Paid ($B)
$12
100 92
89
77
79 84
$9 ) S N O I L L I B (
Down Flat Up
86
7.3
$6
80% 75
70%
73
60%
50
50%
$
5.1
4.9
$3
3.5
40%
25 2.9
2.6 2. 6
30% 0
4Q
1Q 2009
46
47
46 41
$0 3Q 2008
54
2Q
3Q
36
33
20%
4Q
32
29 25
22
30 23
23 19%
10% 12
15
13
0% 3Q 2008
4Q
1Q 2009
2Q
3Q
4Q
Source: Fenwick & West L.L.P.
Source: Dow Jones VentureSource VentureSource
Venture Capital BarometerM Average per share % price change rom previous round o Silicon Valley companies receiving VC investment in the applicable quarter. Complete report available at http://www.enwick.com/vctrends.htm
Net Result of Rounds
60% 50%
55%
55
40% 30% 20%
25% 19%
10% 0%
-3% -3 %
-6% -6 %
1Q
2Q
11%
-10% 3Q
4Q
2008
3Q 3Q
4Q 4Q
2009
Source: Fenwick & West L.L.P.
Dialing Down: Venture Capital Returns to Smaller Size Funds May 2010