Survey: Bay Area VCs Heading Into Wall

Uh oh. Fenwick & West just released its second-quarter data on trends and terms on VC financings, and the whole thing looks like a collision course: More money in, less money out.
Valuations continue to soar. For the 18th consecutive quarter in a row, companies enjoyed up rounds, and the average price increase is 53% (driven largely by cleantech and Web 2.0 startups).

At the same time, M&A exits of venture-backed companies fell through the floor. There were 56 transactions totaling $4.7 billion in Q2 08, compared with 86 transactions totaling $11.8 billion for Q1. We won’t even talk about the IPO picture.

For more information, you can see the report PDF here.