Forty-two funds raised $4.88 billion during the period, a 35% decrease in dollars from the first quarter a year ago and a 22% drop from the fourth quarter, according to data from the National Venture Capital Association and Thomson Reuters, publisher of this blog. The number of funds raising money slipped 9% from the first quarter last year and hit the lowest level since the third quarter of 2009.
Separately, figures Dow Jones released on Monday showed capital raised up 5% from last year. The difference between the two reports was not immediately apparent, though it is possible the NVCA and Thomson Reuters survey did not include the $1.5 billion Tiger Global Management fund raised in March.
The NVCA and Thomson Reuters said that Andreessen Horowitz raised a $1.5 billion fund and that both Canaan Partners and Bain Capital Ventures raise $600 million a piece. The top five funds accounted for almost 75% of the money raised, the report found.
The quarter saw 11 first time funds completed, including a $16.9 million one from Boulder-based Fraser McCombs Ventures.
- Giant Funds from Bessemer, Sequoia and KP Help Produce Biggest Quarter for VC Fundraising Since Q3 2008
- Venture Fundraising In First Quarter Strongest Since 2008
- Venture Capital & Private Equity Returns See Short Term Slip In First Quarter, But VC Funds Improve Long Term
- Fund Of Funds Commitments Follow Venture Fundraising Lower; 146 FoFs Remain In The Market
- Venture Fundraising Ends 2010 With A Whimper