Forty VC funds raise cash |
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Forty VC funds raise cash
Source: NVCA/Thomson Reuters
Only 40 venture capital funds raised money during the first quarter, the smallest number in more than five years. Of those, only three of the firms were new funds, according to a report today from Thomson Reuters and the National Venture Capital Association. It has become increasingly difficult for venture funds to raise cash as traditional pools of capital -- endowments, universities and financial institutions -- have dried up.
Some venture firms are simply sitting on the sidelines, rather than attempting to raise money in this economic climate.
Venture funds raised $4.3 billion last quarter, up from $3.5 billion in the fourth quarter.
Many Seattle area funds -- such as OVP and Ignition -- raised money in 2006 and 2007. That means several still have the "dry powder" necessary to do new deals. OVP's Gerry Langeler, for example, recently said the Kirkland firm probably will not try to raise a new fund until 2011.
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