In May 2015, we published our first survey of the terms of unicorn financings. That survey covered financings undertaken by US based unicorns in the 12 month period ended March 31, 2015, and is available at www.fenwick.com/unicornsurvey. This is our second unicorn survey and it covers financings undertaken by US based unicorns during the 9 month period ended December 31, 2015. We believe that it covers virtually all such unicorn financings that occurred during the period. The purpose of this survey is to provide information on the current terms of unicorn financings, and to identify trends in changes in those terms over time. For information on how the valuations and terms of late stage financings affect subsequent IPOs, see our recent survey at www.fenwick.com/termseffectsurvey.

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