Venture capitalists invest $168 million in Washington state |
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Venture capitalists invest $168 million in Washington state
Venture capitalists invested $168 million in 22 deals in Washington state during the first quarter, a slight increase in dollars invested but a decline by one deal when compared to the same period last year. And while the $168 million figure was off substantially from first quarter investing levels in 2005, 2006 and 2007, it was still enough to rank Washington fifth in terms of dollars invested.
The results from the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association follow a report earlier this week from CB Insights, which showed that VCs invested $138 million in 30 deals during the quarter. That report also indicated a slight rise in venture investing when compared to last year.
“We maintained a healthy pace of venture investing this quarter, albeit less than quarters of the past. The investment level wasn’t solely dependent on the one big deal, which sometimes happens," said Andy Dale, managing director at Montlake Capital in Seattle. "A number of companies in the Northwest are getting larger financings completed, and angel and entrepreneurial activity in the marketplace is strong. We still need high-quality, successful M&A and some local IPOs to demonstrate that the asset class can make money for long-term investors.”
Sector investing in Washington state during Q1. Source: MoneyTree
The biggest deal during the first quarter in Washington state was a $22 million round in Visible Technologies, which is developing tools for companies to monitor, track and manage social media discussions. Other large investments flowed to clean tech startups Infinia and HaloSource, while mobile app developer Zumobi brought in $7 million, according to the report.
Nationally, $4.7 billion was invested in 681 deals during the quarter. That compared to $5.2 billion invested in 832 deals during the fourth quarter, and $3.4 billion invested in 635 deals for the same period last year.
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