Massachusetts Venture Deals Drop In Q1
While venture capital deals across the country hit their highest point since the dot-com boom and funding was up 17 percent over the year, VC funding in Massachusetts fell more than 7 percent in the first quarter of 2013, according to New York-based research firm CB Insights.
With $601.8 million spread across 75 deals, the Bay State fell to third place among states, ceding second place to New York, which had $715.4 million and 100 deals. California took first with a whopping $3.4 billion across 346 deals.
The dip in Massachusetts ended a nine-month upswing in deal volume that peaked last quarter at 98, with $798 million in funding. The state took in $847 million in the third quarter of 2012, a high point for the year.
Health care funding dominated in Massachusetts during the quarter, overtaking funding for Internet companies. Three of the top five deals and 45 percent of the total funding in Massachusetts went to health care companies. Most of the notable deals during the quarter took place outside of Central Massachusetts, but Milford-based Spring Bank Pharmaceuticals netted $11 million.
Internet firms got 19 percent of the VC investment during the quarter.
WBJ Web Partners
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