Boosted by a surge in technology investments, total US venture capital funding in the first quarter rose 41% year-over-year to reach $4.29bn, according to figures from PricewaterhouseCoopers. Investments in the technology sector jumped 63%, while non- technology companies saw an 18% decline from the year-ago quarter. Furthermore, technology attracted more funding in the quarter than the amount of total investments in the same quarter last year.
The number of companies receiving venture funding in the quarter rose 7% to 722, while the average funding per company rose 31% to $5.9m. Technology firms bagged 84% of the total, with $3.6bn. Internet-related companies saw investments more than triple to $1.84bn, while the number receiving funding rose to 236 from 114. Firms in the software and information sector attracted 72% more funding at $1.45bn and telecommunications companies saw a 38% rise to $1.45bn. The survey was based on the activity of 607 VC firms.
