Venture capital deal terms in last year's fourth quarter signal further cooling in investors' appetite for pouring money into startups, which sparked a multi-year economic boom throughout the Bay Area. Companies raising additional rounds of capital at lower valuations, or so-called downrounds, jumped to 12 percent of the 152 Bay Area venture deals during the fourth quarter that were examined by the law firm Fenwick & West. That's triple the 4 percent of downrounds at the end of last year's third quarter and double the 6 percent of downround financings in the fourth quarter of 2014.
