1Q VC investments down significantly - bizjournals:

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million in the first quarter as investorse continued to sit on the sidelines and wait for economic conditionto improve. The consume services and energy sectors each landed one according to the Quarterly Venture Capital Report releaserd by Dow Jones VentureOneand . That’s down from five dealsx worth a totalof $67.7 million during the same period in 2008. Kevih McHolland, a partner in Ernst Young’s Phoenix office, said the poor Arizonas numbers reflect anational trend, as VC mone has dried up and the initiall public offering market for venture-backed firmws is virtually nonexistent. “I would expect VC fundingg to recover as the economy McHolland said.
Nationally, venture capitalists generated $3.2 billion in the first quarter through mergers or acquisitions of 68portfolik companies, representing a 65 percent drop from the $9.1 billiojn in liquidity generated in the first quarte of 2008 and the lowest quarterly total since 2003. The largest deals in the country were focuseed in biopharmaceuticals andmedical