Official Q3 stats won’t be released until October, but it’s not looking good from an anecdotal standpoint. Trolling through the peHUB archive, I turned up just five stories about various U.S.-based VC funds getting raised since the end of Q2 — and none of those funds topped $100 million. Unless some big stealth funds come out of the woodwork, I think Q3 will have a very hard time matching the third quarter of last year, when 54 U.S. venture funds collectively raised $3.6 billion, according to Thomson Reuters (publisher of peHUB).
If Q3 turns out to be a dud, it may be because the first quarter was so strong, with 42 funds raising $7.75 billion. That amount was more than twice the size of each of the prior three quarters and the biggest quarter since Q3 2008.
It is also worth noting that for the first half of this year, U.S. venture funds have raised $10.52 billion, $800 million more than the $9.72 billion they raised in the first nine months of last year, according to Thomson Reuters.
In putting together the following slideshow, I couldn’t help but notice that nine of the 10 largest funds raised between July 1 and Aug. 30 are based outside of Silicon Valley. (I blogged about a similar trend last month with regard to first-time VC funds raised in Q2.)
Of the nine non-Silicon Valley funds, all (with the exception of a fund based in New York) are located in states you wouldn’t normally use in the same sentence as VC, such as Georgia, Michigan, North Carolina, Ohio, Tennessee and Utah.
(Fundraising data for the following slideshow are for the period of July 1 to Aug. 30. All data are provided by Thomson Reuters.)
Firm Name: Northern Light Venture Capital
Fund Stage: Balanced
Raised in Q3: $5.05M
Raised to Date: $5.05M