"Series B rounds continued to be the strongest rounds, and with Series A financings being more difficult to obtain, we are seeing that those companies that are able to raise Series A financings can often receive very healthy valuations in their Series B round," Kramer added.
"The best performing industry in the quarter from a valuation perspective was software, but internet/digital media, hardware and even life sciences did well, with only cleantech performing poorly," added Michael Patrick, partner in the Corporate Group of Fenwick & West and co-author of the survey.
"The overall results from the fourth quarter of 2012 show that good companies can continue to get very healthy valuations. But with venture investing down in both the fourth quarter and 2012 generally, raising venture capital is not easy. However with Nasdaq up in both 2012 and 2013 to date, there is reason to believe that risk taking and the liquidity markets will improve," added Patrick.
Complete results of the survey with related discussion are posted on Fenwick & West's website at www.fenwick.com/vcsurvey.About the Survey The Fenwick & West Quarterly Venture Capital Survey, co-authored by law firm partners Barry J. Kramer and Michael J. Patrick, has been published for over 10 years and offers a unique view of the venture capital market in Silicon Valley by providing insight into the changes in venture capital valuations and terms. Focusing exclusively on trends in venture financing and valuations, the Fenwick & West Survey complements the economic data presented in the Dow Jones VentureSource Survey and the MoneyTree™ Report by PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters. About Fenwick & WestEstablished in 1972, Fenwick & West LLP is one of the nation's premier 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. Contacts: Barry KramerFenwick & West LLPPhone: 650.335.7278Email: firstname.lastname@example.org Michael PatrickFenwick & West LLPPhone: 650.335.7273Email: email@example.com Merredith BranscombeLe@p! Public RelationsPhone: 720.235.7363Email: firstname.lastname@example.org SOURCE Fenwick & West LLP