The Morning Report
San Diego news and info
you need to take on the day.
Venture capitalists invested $205 million in 25 San Diego companies in the second quarter, which is 7 percent more than the $195 million invested locally in the first quarter. That is the good news, according to a Mike Freeman’s story today in the Union-Tribune.
The bad news is that year-over-year, local venture funding remains down more than 40 percent, according to Dow Jones VentureSource. From Freeman’s story:
“The environment is not as robust as it has been over the last several years,” said Dan Kleeburg, a San Diego partner with Ernst & Young, which is involved in the Dow Jones VentureSource report. “But if you’re looking for trends, it was an up quarter. We’re hoping that next quarter is an up quarter again, and we’ve seen the bottom of the cycle.”
The biotech industry attracted the most venture investment in the quarter, with $154 million in deals, according to Freeman’s story. For more on the venture funding saga, check out this story on the overall state of things, and this story on a new venture model.