Compared to the record-setting valuations and amounts raised in Q2 2019, deal sizes and valuations in Q3 2019 seem lackluster, but when considered in relation to earlier quarters, the median values show that market conditions for venture funding remained strong in the third quarter of 2019. Nonetheless, the decline in median amounts raised is notable. Series C and later financings took the largest hit, with the Q3 2019 median amount raised tumbling to less than half of that of the prior quarter. Is this the beginning of the long-anticipated slowdown in late stage, high valuation deals?

In contrast, for convertible note financings, the median amount raised in post-Seed bridge loans in Q3 2019 increased nearly threefold from Q2 2019, although the median amount raised in pre-Seed bridges fell modestly from the prior quarter. The increase in amounts raised in late stage bridge loans may reflect companies preparing for expected future fundraising challenges.