SAN FRANCISCO, April 1 Venture-capital funds
held onto their investments in the first quarter of the year,
according to data released Monday from Thomson Reuters and the
National Venture Capital Association (NVCA), in part because of
The number of venture-backed initial public offerings fell
to eight from 19 in the first quarter of 2012, and totaled $672
million, compared to $1.68 billion a year earlier.
The number of venture-backed companies that were acquired by
other companies dropped to 77 from 114 a year earlier. For the
10 who reported the value of their deals, the aggregate value
was $984.3 million.
The NVCA blamed the slow quarter on U.S. political
uncertainty and tax issues. Congress has failed to pass budget
legislation, triggering automatic spending cuts effective Jan.
1. Separately, tax increases kicked in, also on Jan. 1.
Model N, a Redwood Shores, Calif.-based software
company that specializes in life sciences and technology
revenue, held the largest venture-backed IPO of the quarter. It
raised $120 million and began trading on March 19th.