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Derek Jones |
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Bay State now third in angel investing. New York has topped Massachusetts in the venture capital game for the first time ever.
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New York has topped Massachusetts in the venture capital game for the first time ever.
Empire State companies scored a record level of both deals and investment dollars in the third quarter, moving into the No. 2 spot behind perennial powerhouse California and bumping the Bay State into third place.
Anand Sanwal, co-founder and CEO of venture capital database firm CB Insights, said Massachusetts firms experienced a year-over-year decline in the number of VC deals in the third quarter, while California and New York saw increases.
Bay State companies claimed $710 million in venture capital investments in 83 deals. That’s also a 37.7 percent decline from the $1.14 billion boom of the second quarter’s 89 deals, according to CB Insights.
Westboro-based lithium-ion battery maker Boston-Power, which is expanding in China, landed $125 million, as the biggest investment of the quarter.
But health care was the Bay State’s top sector for number of deals and funding dollars, reaching a five-quarter high. Cambridge-based Enobia Pharma, a clinical-stage biotech developing therapeutics for serious bone disorders, raised $40 million, while Cambridge pharmaceutical company Zafgen closed a $33 million round to help its development of obesity therapeutics.
By comparison, New York companies reaped $831 million in 86 funding deals, compared to $539 million and 61 deals in the prior quarter. Blogging service Tumblr closed the largest round at $85 million.
“It’s less of a story of Massachusetts being in any sort of decline as much as it is that New York has become a real VC destination,” said Sanwal.
VC investment in California, meanwhile, topped $3.83 billion in 315 deals.
Nationwide, deals and funding levels reached record marks with 790 companies getting $7.9 billion in funding — a pace that, if it continues, could result in the best year for venture capital in a decade, according to CB Insights.
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