Fenwick and West has published its latest survey of the venture capital financings closing during the last quarter.   You can access their report here.  The survey is a good source for information on trends in valuations as well as deal terms.  For example, the survey reports that in 1Q10, 49% of the financings were up rounds, 32% down rounds and 19% were flat.  This is trending higher from a low in 1Q09 when only 25% of the financings were up rounds.    So things are looking up, but have yet to fully recover from the recent downturn.

Also addressed in the survey are the types of anti-dilution provisions used, liquidation preference multiples, participation in liquidation, and the use of cumulative dividends.   It’s certainly worth a read if you are contemplating an upcoming financing.