The two East Coast venture firms have been posting stellar returns, boosted in large part by investments they’ve made together. The latest case in point? Tumblr, first backed when it was a two-person operation.

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Yahoo’s $1.1 billion purchase of blogging site Tumblr is the largest exit of a pre-public venture-backed New York-based company in the city’s history, according to CB Insights.

Since Yahoo announced it was acquiring Tumblr, venture capitalists have probably pondered how the deal impacts the value of their stakes in still-private social networks like Pinterest. The early consensus is that it’s good news, indeed.

The problem with the Midas List is that it focuses on individuals when venture capital is a team sport; it’s like giving a medal only to the member of a relay team who crosses the finish line, says guest columnist Mahendra Ramsinghani.

Just since April, notable firms such as Andreessen Horowitz, Founders Fund, Google Ventures and Union Square Ventures have invested $9 million in three bitcoin-related companies: BitPay, CoinBase and OpenCoin.

At the end of a two-day conference celebrating all that is venture capital, a quartet of limited partners offered some pointed criticism on what the industry – and the bulk of its practitioners – are doing wrong.

Dick Costolo, the former improv comedian currently employed as CEO of Twitter, told attendees of this year’s National Venture Capital Association conference what he’s learned on the job, from how to recruit top engineers to how to cope with the snarkiness of Silicon Valley.

Netscape founder-turned-venture-capitalist Marc Andreessen said the declining number of initial public offerings is hurting performance of public markets and would affect the millions of Americans who hold retirement savings in the stock market., Reuters reported.

Early-stage IT and healthcare investor Grotech Ventures announces it has raised a new $225 million fund after a 20-month process.