Confronting the roughest recession in generations, the nation's venture capital industry raised only $1.7 billion in the second quarter of 2009 — a cliff-like plummet from the $4.6 billion raised during the previous quarter, according to an industry report released Monday.
It was the smallest quarterly dollar total since the first quarter of 2003, when $938 million was raised in the depths of the dot-com crash. Meanwhile, the number of new funds created in the quarter shrank to 25 — the smallest number in 13 years.
Venture capital, an industry with deep roots along Silicon Valley's Sand Hill Road, has long been regarded as a kind of rocket fuel for the region's innovation economy, bankrolling hundreds of startups each year. Such companies as Intel, Apple, Microsoft, eBay, Yahoo and Google were financed by venture investments. (more)
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