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Cooley Venture Financing Report Q4 2015

This quarterly report from law firm Cooley provides data on venture capital financing terms and trends based on deals they handled in Q4 2015. While total deal volume and dollars raised remained strong, median pre-money valuations declined across most stages with the largest drop for Series D+ deals. The percentage of up rounds remained high at 88%.

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3K views2 pages

Cooley Venture Financing Report Q4 2015

This quarterly report from law firm Cooley provides data on venture capital financing terms and trends based on deals they handled in Q4 2015. While total deal volume and dollars raised remained strong, median pre-money valuations declined across most stages with the largest drop for Series D+ deals. The percentage of up rounds remained high at 88%.

Uploaded by

CooleyGO
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Venture Financing Report

Q4 2015Deal Volumes Remain Strong


as Valuations Cool
Overall deal activity in the fourth quarter of 2015 remained

This quarterly summary provides data reflecting Cooleys

strong. In Q4 2015, Cooley handled 150 disclosable deals,

experience in venture capital financing terms and trends.

representing more than $3.3 billion of invested capital.

Information is taken from a subset of the transactions in

Median pre-money valuations declined in Q4 across all deal

which Cooley served as counsel to either the issuing company

stages, with the exception of Series B transactions. The most

or investors.

notable decrease occurred in Series D+ deals. The percentage


of up rounds remained strong at 88% of Q4 transactions.
Deal terms during the quarter were mixed. The utilization of

For more venture financing trends, view our

fully participating preferred provisions decreased from the

interactive data visualization on Cooley GO:

prior quarter, while the utilization of both drag-along and

www.cooleygo.com/trends

pay-to-play provisions increased during Q4.

Total Deal Volume and Aggregate Dollars Raised


Amount
200

# Deals

$ billions
$5
$4

150

Up, Down and Flat Rounds


100%

75%

$3
50%

100
$2
50

Flat

2014 Q4

2015 Q1

2015 Q2

Up

0%

$0
2014 Q3

Down

25%

$1

2015 Q3 2015 Q4

2014 Q3 2014 Q4 2015 Q1

Deal Breakdown by Series

2015 Q2 2015 Q3 2015 Q4

Median Pre-Money Valuation


$ millions

100%

$400

75%

$300

50%

$200
Series A
Series B

25%

Series A

$100

Series B

Series C
0%
2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4

Series D
or higher

Series C
0
2014 Q3 2014 Q4 2015 Q1

2015 Q2 2015 Q3 2015 Q4

Series D
or higher

About The Cooley Venture Financing Report. This quarterly report provides data reflecting Cooleys experience in venture capital financing terms and
trends. Information is taken from transactions in which Cooley served as counsel to either the issuing company or investors. For more information
regarding this report, please contact the Cooley attorneys listed below.
About Cooley. Cooleys attorneys solve legal issues for entrepreneurs, investors, financial institutions and established companies. Clients partner with
Cooley on transformative deals, complex IP and regulatory matters, and bet-the-company litigation, often where innovation meets the law.
Cooley has 900 lawyers across 12 offices in the United States, China and Europe.
Boston........................................... Patrick Mitchell......................... +1 617 937 2315

Reston............................................ Andrew Lustig......................... +1 703 456 8134

Colorado....................................... Brent Fassett......................... +1 720 566 4025

San Diego .................................... Tom Coll................................... +1 858 550 6013

London........................................... Justin Stock......................+44 0 20 7556 4260

San Francisco .............................. Craig Jacoby..............................+1 415 693 2147

Los Angeles................................... David Young..............................+1 310 883 6416

Seattle........................................... Gordon Empey....................... +1 206 452 8752

New York....................................... Babak (Bo) Yaghmaie............. +1 212 479 6556

Shanghai ...................................... Patrick Loofbourrow.........+86 21 6030 0608

Palo Alto ....................................... Matt Bartus.............................+1 650 843 5756

Washington, DC ......................... Mike Lincoln.............................+1 703 456 8022

www.cooley.com
This Cooley Venture Financing Report is not intended to provide specific legal advice or to establish an attorney-client relationship. 2016 Cooley LLP, 3175 Hanover Street,
PaloAlto,CA, 94304. +1 650 843 5000. Permission is granted to make and redistribute, without change, copies of this entire document provided that such copies are complete and
unaltered and identify Cooley LLP as the author. All other rights reserved.

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