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Venture Capital Funding Roars Back
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Venture capital funding is back to pre-recession levels, hitting an eight-quarter high as firms poured $7.5 billion into 738 deals during the first quarter of 2011, according to a new report.
VC/angel investment database CB Insights said that the $7.5 billion was a 15% billion jump in the number of dollars invested during the preceding quarter, which saw $6.5 billion go into 735 deals.
Increased funding in the Internet and clean-tech sectors helped boost funding during the period.
Venture firms sank $2.3 billion into 286 Internet deals during the first quarter, up from $1.3 billion in 221 deals during the same quarter last year.
Notable Internet deals during the quarter included Groupon's $950 million funding -- which CBI reflected roughly half of in its report -- Indianapolis-based Angie’s List, which raised $54 million from investors, and weather insurance start-up WeatherBill, a San Francisco firm that captured $54 million from Google's(GOOG_) venture arm and others.
Pictured above, Color is a photo-sharing application that pocketed $41 million last month before launching its product. The deal was one of the largest of the quarter, sparking debate from some investors that the tech start-up sector has entered into a bubble.
Clean tech start-ups saw a 46% increase in dollars invested over last year, with no noticeable change in deals. About $1.9 billion was sunk into 86 transactions.
While California attracted the most VC dollars and deals by a significant margin, New York managed to bypass Massachusetts, fueled by growth in digital media and advertising companies.
While this trend was first reported in the fourth quarter of last year, the gap between the two states has widened. New York's Silicon Alley saw 261 tech deals over the last six quarters with $1.6 billion invested, vs. 250 for Massachusetts with $1.44 billion dollars.
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