1Q VC investments down significantly - Puget Sound Business Journal (Seattle):

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million in the first quarterr as investors continued to sit on the sideline and wait for economicf conditionsto improve. The consumer services and energty sectors each landedone deal, according to the Quarterly Venturd Capital Report released by Dow Jones VentureOne and . That’sd down from five deals worth a totalof $67.y million during the same period in 2008. Kevi n McHolland, a partner in Ernst & Young’s Phoenis office, said the poor Arizonsa numbers reflect anational trend, as VC money has drief up and the initial public offerin g market for venture-backed firms is virtually “I would expect VC funding to recoved as the economy recovers,” McHolland said.
Nationally, venturd capitalists generated $3.2 billion in the firsy quarter through mergers or acquisitions of 68portfolip companies, representing a 65 percent drop from the $9.1 billionb in liquidity generated in the first quarter of 2008 and the lowesf quarterly total since 2003. The largest dealas in the country were focused in biopharmaceuticals andmedica devices.