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The past two weeks were brought to you by the letters IPO. From Facebook’s well-documented filing to this week’s IPO price cuts, a flurry of activity around SEC filings has caught the attention of VCs. Facebook filed a $5 billion IPO last week, which some commentators estimate puts the company’s value at up to $100 billion. This is a big splash in the pool of 63 venture-backed companies in IPO registration awaiting the right time to go public.

Some believe Facebook’s IPO will launch a recovery in the IPO market and nudge other tentative startups forward. Others caution that Facebook is a category unto itself and its valuation will have little positive effect on other companies entering the market. Indeed, buyers are being cautious with valuations. On Wednesday, three of four IPOs debuted below their indicated ranges although they all eventually traded up. Whatever the result, Facebook’s first day of trading stands to be a historic event that sets the bar for startups everywhere.

This week we looked at how social media is changing advertising as we announced our $10 million Series B financing for Spongecell, a New York City-based advertising technology company that builds rich media dynamic ads. These ads outperform more traditional static banner ads, and Spongecell is leading the charge into the future of advertising by integrating video and social media. Word spread across the web, in articles at AdExchanger.com, AdotasAdvertisement JournalAll Things D, FinSMEs, PandoDaily.com, PEHubXconomy and Vator News.

Our other partner companies have been busy as well. Here are some highlights:

To read more of our Week in Review series, please use the following feed: www.safeguard.com/WeekInReview. Have a great weekend!