Report: VC Fundraising Contracts Sharply in Second Quarter

Authored by Mark Hefflinger on July 13, 2009 - 7:01am.

Arlington, Va. - Just 25 venture capital funds -- a 13-year low -- raised $1.7 billion in the second quarter, according to new figures released by Thomson Reuters and the National Venture Capital Association (NVCA).

It marked the lowest level of dollars committed since the first quarter of 2003.

"The slower venture fundraising activity is no surprise given the current environment," said Mark Heesen, president of the NVCA.

"The final manifestations of the bubble burst combined with a troubled exit market make it a very difficult time to raise money. We believe that many venture firms are waiting until 2010 and beyond."

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