State seeing venture capital dry up

March 7, 2010

By hammersmith

[Source: Arizona Daily Star] – Venture capital – the lifeblood of high-tech startup companies – fell by nearly half in Arizona last year as investors retrenched nationwide.

But a new Arizona-based venture capital fund and other recent initiatives are aimed at building a local pipeline for such private equity investments, and driving high-tech economic development in the bargain.

The amount of venture capital invested in Arizona companies fell to $110.6 million in 2009, down 47 percent from $208.8 million in 2008, according to the latest MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association.

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