Venture investments soar 57 per cent in 1st quarter to highest level since 2001

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NEW YORK, N.Y. – Funding for U.S. startup companies soared 57 per cent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into an increasing number of deals, according to a report due out Friday.

Startup investments totalled $9.47 billion in the first three months of 2014, up from $6.01 billion in the first quarter of 2013. It was the highest since $11.5 billion in the second quarter of 2001.

There were 951 deals completed in the quarter.

Online storage startup Dropbox snagged the period’s top deal with $325 million. Vacation rental site Airbnb and mobile messaging service TangoMe tied for the No. 2 spot with $200 million each.

The MoneyTree study was conducted by PricewaterhouseCoopers and the National Venture Capital Association, based on Thomson Reuters data.

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