NVCA president Mark Heesen gave a speech in Colorado last month, in which he mentioned that New England was in danger of losing its traditional position as the #2 regional recipient of venture capital funding (behind perennial leader Silicon Valley).
So I looked it up, and hes right. If the first quarter were to end today, New England would rank just behind Southern California in terms of amount of capital raised (although it has more companies funded). One big reason: VCs are funding as many, if not more, big pharma deals in San Diego as they are in Cambridge/Boston. Final numbers in a few weeks