SAN FRANCISCO, Jan 12 (Reuters) - U.S. venture capital firms raised $5.6 billion last quarter and $29.8 billion for the year, making 2014 the richest year for venture fundraising since 2007, the National Venture Capital Association said.
A handful of large funds, including Andreessen Horowitz’s $1.5 billion fund announced in the first quarter, helped bump the total up almost 70 percent over the previous year’s total of $17.7 billion.
For the quarter, cash raised was up slightly compared with $5.58 billion raised a year earlier. Canaan Partners closed the largest fund of the three-month period with its $675 million Canaan X, followed by Formation 8 with its $500 million Fomation8 Partners II.
The healthy environment for exits, meaning venture-backed initial public offerings and acquisitions of venture-backed companies, helped the fundraising environment, said NVCA President Bobby Franklin.
Last week, the NVCA said that 115 venture-backed companies held IPOs last quarter, raising $4.36 billion. For the year, 115 companies raised $15.3 billion, compared with 81 companies raising $11.1 billion a year earlier.
Thomson Reuters contributed data for the report. (Reporting by Sarah McBride; Editing by Alan Crosby)