Monday, March 17, 2003
More than 2,300 U.S. firms received $24.6 billion in venture capital in 2002, though most industry sectors saw significant year-to-year declines in what was a down year for such funding, reported Growthink Research (Venice, Calif.).
Information technology accounted for about 40 percent of the total.
Growthink reported that venture capital investments in the U.S. declined every quarter since 2001, except for the fourth quarter of 2001 when many funding decisions were made before the end of that year.
The tight funding market continued in 2002, but some regions and industries managed to receive a large portion of money invested.
Companies headquartered in the Bay Area received 32 percent of the total invested nationwide, with an average deal size of $1.3 million, larger than the national average.
New England firms received 13 percent of the total, with more than three-fourths of that money going to Boston-based businesses and central U.S. states received over $2.7 billion or 10.9 percent of the total. Other regions trailed the top three.
By: DocMemory
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