U.S. venture capital firms raised more than $7 billion in the first quarter, a 76 percent increase compared to a year ago, according to data from the National Venture Capital Association and Thomson Reuters.
It was the largest amount of money raised since the third quarter of 2008.
Still, Mark Heesen, president of the National Venture Capital Association, cautioned that the amount of money raised was mostly driven by larger, established funds. Heesen said he would like to see an increase in the number of firms successfully raising money later this year.
The number of venture capital funds dropped to 36 in the first quarter, a decline of about 18 percent compared to a year ago.
The report comes as Minnesota's entrepreneurs continue to face a difficult fundraising environment. Last year, venture capital investments in Minnesota dropped to its lowest level in 15 years of record keeping, according to the MoneyTree Report.
New data on first quarter investments in the state will be released on Friday.
