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New report shows rise in US venture capital deals, dollars
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Venture capitalists invested $28.4 billion in 3,673 deals last year, a 22 percent increase in dollars and a 4 percent rise in deals over 2010, according to fourth quarter and year-end venture investment statistics issued today by PricewaterhouseCoopers LLP and the National Venture Capital Association.
The numbers are close to ones provided by venture capital database CB Insights, who told the Herald fourth-quarter performance brought 2011’s total to $30.6 billion invested in 3,051 deals, a 10-year high for venture capital.
Investments in the fourth quarter of 2011 totaled $6.6 billion in 844 deals, a 10 percent decrease in dollars and an 11 percent decrease in deals from the third quarter of last year when $7.3 billion went into 953 deals, NVCA and PricewaterhouseCoopers said.
Clean technology and Internet-specific sectors saw double-digit increases in investment dollars in 2011. Investment dollars also increased across every stage of development category, with the exception of a 48 percent decrease in Seed Stage investments.
Yet Tracy T. Lefteroff, global managing partner of the venture capital practice at PricewaterhouseCoopers, said that while venture capitalists continue to show interest in those sectors, “they are acting prudently and not chasing excessive valuations.”
“Accordingly, despite the increase in investing, we’re unlikely to see these sectors overheat like we saw in the 1999 to 2000 era,” Lefteroff said.
The Bay State logged 93 venture capital deals totaling $959 million in 2011’s fourth quarter, compared to California, which had 300 investments amounting to $3.8 billion over the same period, CB Insights told the Herald. Top investments included Agios, Rapid7, Cyber-Ark Software, Zink and Sage Therapeutics, according to a CB Insights report.
There were 91 venture capital deals in Massachusetts for the fourth quarter of 2011, totaling more than $740 million, NVCA and PricewaterhouseCoopers said. A total of 383 venture capital deals were conducted in the Bay State in 2011 — 11 more than in 2010.
The Bay State’s top cities were Cambridge with 27 venture capital deals, totaling $312 million, followed by Boston with 16 deals amounting to $169 million, and Waltham with 10 deals totaling $123 million, according to the CB Insights report.
Two Massachusetts biotechnology companies, both based in Cambridge, received the largest U.S. venture capital investments, according to PricewaterhouseCoopers and NVCA, Agios Pharmaceuticals, Inc., which received $78 million; and an undisclosed company, which received $75 million.
The software industry saw its dollars rise 38 percent over 2010 to $6.7 billion in 2011, which was invested into 1,004 deals, a 7 percent rise in volume over the prior year. However, software investing saw a decline in the fourth quarter of 2011 with $1.8 billion going into 238 deals. Other investment sectors such as biotechnology rose into double digits in terms of dollars, but dropped some in deals.
Internet-specific companies saw a substantial increase in investing. The $6.9 billion going into 997 deals represented a 68 percent increase in dollars and 24 percent increase in deals from 2010 when $4.1 billion went into 807 deals, making 2011 the highest level of Internet investment over the past decade.
For the fourth quarter, though, Internet-specific investment dropped 23 percent in dollars and 7 percent in deals, with $1.3 billion going into 239 deals, compared to $1.7 billion going into 257 deals in the third quarter of 2011.
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