Thursday, July 9, 2009
Southern California Deals Total Around $932M For Q2
A recent analysis by socalTECH, of our detailed tracking of venture capital investment activity in Southern California, finds that there was around $932M in funding raised in the area in Q2, a rise from roughly $700M in Q1. Surprisingly, the numbers--based on information gleaned from funding announcements, regulatory filings, and other sources--are approximately the same as numbers in Q2 of 2008, which total around $955M, according to our own data. PwC/NVCA officialy reported $950M invested in Q2 of 2008.
The funding numbers were boosted significantly by the inclusion of an unofficial $100M in funding from car startup V-Vehicle Corp. in San Diego; actual investment amounts into the firm have not been confirmed by the company. Other funding driving the numbers in the quarter included an $85M round invested in electric car vehicle firm Fisker Automotive in Irvine.
The most active investors in the region, in terms of activity, were the Tech Coast Angels, with five investments or follow up investments in the quarter, followed by Kleiner Perkins Caufield and Byers with three investments. Other active investors were Prospect Venture Partners, DAG Ventures, Sevin Rosen Funds, In-Q-Tel, American River Ventures, Saints Capital, and Mission Ventures, all with two investments each.
PricewaterhouseCoopers/National Venture Capital Association, and Ernst & Young/VentureOne will release their quarterly nationwide results of venture activity later this month. Numbers from those firms will undoubtedly differ, due to sources of information, timing of funding events, and classification of data, but should be close in terms of venture deals tracked.