- Q1 financings skewed heavily towards late, down rounds, with 42% of financings being series D or later (as compared to about 32% a year ago), and with about 75% of financings down or flat rounds (as compared to about 32% a year ago).
- Financings were much more likely to have >1x liquidation preferences than a year ago.
- Uncapped participation was slightly up compared to a year ago.
- Cumulative dividends provisions were about double compared to a year ago.
Download the report here: http://www.fenwick.com/publications/6.12.1.asp?vid=9.