Fenwick: Venture Firms Put More Money Into Startups At Higher Valuations In Q3

Venture capital firms put more money into US startups at higher valuations in the third quarter of this year versus the second, according to a new report out today by law firm Fenwick & West, with Internet and software firms accounting for the biggest gains. But the overall venture environment is looking ?schizophrenic,? Fenwick partner and report co-author Barry Kramer tells me today. ?The amount of money invested by VCs continues to be more than money they raise, and that?s not healthy or sustainable for an extended period. Valuations are continuing to increase while VCs are professing reduced confidence in the future.? And, at least in the near-term, liquidity continues to be a serious question, with a sharp drop in initial public offerings after July.

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