Author: Jonathan Marino
Date: April 9, 2013
How bad was VC’s Q1 for fundraising? Consider: the $4.053 billion raised by just 35 funds is the lowest level of cash raised by the fewest firms since at least 2007.
The venture capital community’s fundraising showing for the first quarter of 2013 was so poor, the National Venture Capital Association could barely even look at the state of California and, instead, in its quarterly haul announcement, focused on Massachusetts leading the VC scene’s cash grab.
Still, the landscape is changing. Prior to the fundraising figures being released, peHUB spoke with a number of limited partners and venture capitalists who pointed out first-time VC funds have been chipping into larger GPs’ cash pools. Read more here.
Tower Cloud, a St. Petersburg-based wireless backhaul specialist provider, reported raising $49M in two rounds – $13M in January followed by $36M in July. The funding was led by two of its existing investors, The Burton Partnership and Knology, Inc., and included existing investors Sutter Hill Ventures, El Dorado Ventures, Ballast Point Ventures, Kinetic Ventures, ITC Partners Fund and Noro-Moseley Partners as well as two new investors, The Florida Growth Fund and CLR Investors. Read more here.