The latest Fenwick and West Silicon Valley VC survey is an interesting read with several takeaways reflecting current market conditions. Whilst most of the time, next funding rounds are being done at higher valuations, there has been an evident weakening of the market. Additionally the Internet and Digital Media sectors is proving more resilient than the more capital intensive sectors such as Life Sciences. 

Also worth noting is the almost universal use of investor protection against future down rounds through weighted average anti-dilution provisions.