How Bradshaw uses the term
Bradshaw measures a down round by price per share against the previous priced round. A round priced at about the same price counts as flat, not down. A lower price per share does not always mean a lower valuation, because new shares may have been issued between the two rounds.
In the data
- 13% of follow-on priced rounds since 1 Jan 2024 were priced below the company's previous round: 150 of 1,114. Data to 28 Oct 2026. How often do UK startups raise a down round?
Read more
- The rule: Step-ups, on the method page.
- Related post: How often do UK startups raise a down round?
- All terms