Venture-backed companies in Connecticut raised less money in the second quarter of 2002 than in the first quarter of 2002, resuming levels reached in the third quarter of 1997. According to the PricewaterhouseCoopers/Venture Economics/National Venture Capital Association MoneyTreeTM Survey, nine Connecticut companies received $34.8 million in venture capital funds during the second quarter of 2002, comparable to the $34.4 million invested in the third quarter of 1997. Second quarter 2002 results were down from $80.2 million invested in fourteen companies in the first quarter of 2002.
After the leveling off we experienced in the second and third quarters of 2001, we have seen a downward trend in Con-necticut investing since the fourth quarter of 2001. This parallels the current turmoil in our capital markets and reflects venture capitalists’ focus on efficient utilization of their investment dollars. In the second quarter, we saw several strong investments in the state, an indication that investors are still confident in our marketplace and funding is still available to qualified businesses at reasonable valuations.
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