October 9, 2014 / 4:45 PM / 5 years ago

U.S. venture firms raised $6.1 billion last quarter

SAN FRANCISCO, Oct 9 (Reuters) - U.S. venture capital firms raised $6.1 billion last quarter across 60 funds, bringing the total venture funding raised this year to levels unseen since before the 2008 recession.

According to a report from the National Venture Capital Association and Thomson Reuters, the number brings 2014 levels, at $23.76 billion to date, above those for full-year 2013. That year, venture firms raised $17.64 billion.

The third quarter’s tally shows a 40 percent increase over the year-earlier quarter, when venture firms raised $4.34 billion for 63 funds. It represents a 20 percent reduction from the second quarter this year, when firms raised $7.67 billion.

The growing levels of capital come amid increasing fretting surrounding high “burn rates,” meaning spending, at startups flush with venture cash. Recently, venture capitalists Bill Gurley of Benchmark and Fred Wilson of Union Square made high-profile warnings about spending levels.

Still, venture totals fall far shy of 2000-era levels. That year, venture funds raised $106.08 billion, according to the NVCA.

The biggest fund of the quarter raised almost $1 billion, with J.P. Morgan Digital Growth Fund II taking in $996.4 million. SG Growth Partners III raised $500 million. The five biggest funds raised almost half the quarter’s total.

Reporting by Sarah McBride; editing by Matthew Lewis

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