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We’ve certainly seen an uptick in venture capital activity in recent months, with $312 million invested in Washington state startups during the second quarter alone. Now, here comes some evidence that those deals are getting done at healthy valuations, running counter to what some have dubbed the “Facebook effect.”

According to a report by the law firm Wilson Sonsini Goodrich & Rosati, the median pre-money valuation for Series B deals increased to $24 million during the second quartetr, up from $15 million in the first quarter and $12.3 million in the fourth quarter of last year. Later-stage deals also increased, with Series C and later round valuations increasing to $120 million, up from $82.5 million in the first quarter and $75.8 million in the fourth quarter. Valuations at earlier-stage companies fell slightly to $7.5 million during the quarter.

Meanwhile, so-called “up rounds” increased during the quarter, representing about 75 percent of all deals. “Down rounds” declined to just 13 percent of all deals, falling from 36 percent during the first quarter and about the same as in the fourth quarter of 2011. (See graphic above).

“Despite some uncertainty in the capital markets, overall venture investment activity remains strong, particularly in the software, IT, and Internet spaces. In addition, we are seeing more early-stage activity, especially in those sectors. Indeed, our quarterly survey of venture-funding transactions supports these observations and indicates a continued improvement in certain key metrics,” according to the report.

WSGR based its findings on more than 150 financing rounds during the first half of the year.

Editor’s note: Wilson Sonsini Goodrich & Rosati represents GeekWire.

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