Venture Financing Report - Q1 2015

A Strong Start to the Year

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Overall financing activity in the first quarter of 2015 remained robust, continuing a trend from the final quarter of 2014. In Q1 2015, Cooley handled 104 disclosable deals, representing more than $2.7 billion of invested capital. The percentage of up rounds continued to rise, reaching more than 90% of deals during the quarter. This level of up rounds has not been seen in over six years. The mix of deals during the quarter was also of note. More than 45% of Q1 transactions were Series A deals. The data also pointed to a decrease in median pre-money valuations in Series A and C transactions. Conversely, median pre-money valuations increased in both Series B and D+ deals.

This quarterly summary provides data reflecting Cooley's 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.

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Tom Coll Partner, San Diego
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Pat Mitchell Partner, Boston
Matthew Bartus Partner, Palo Alto
Dave Young Partner, Los Angeles
Justin Stock Managing Partner - London