PRINT THIS PAGE Trends in legal terms in venture financings in the San Francisco Bay area27/05/2004. Source: Fenwick & West. 
There was a significant improvement in venture valuations in the first quarter of 2004, with up rounds outpacing down rounds for the first time in two years, according to Fenwick & West. The 17 per cent increase in the Fenwick & West venture capital barometer provides additional quantitative information on the improvement in the venture environment. That said, it is important to remeber that most of the companies that raised funding this past quarter last raised funds between 12 and 24 months ago, when valuations were depressed.
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