The gains were particularly impressive in light of the tech shakeout on Wall Street, where many Internet stocks have been hammered down to half their price—or more—from January's lofty levels.
The $2.1 billion in Southland investment was divided among 136 companies, compared with $1 billion for 106 companies in the second quarter of 1999, according to data from the Boston-based National Venture Capital Association. The NVCA is a nonprofit trade group that provides quarterly statistics.
Despite months of market volatility, venture capitalists continued to invest in innovative, young companies at record levels, says an NVCA spokeswoman. The pattern in Southern California was repeated nationally, where 1,695 companies received venture funding in the second quarter, compared with 1,627 in the first three months of the year.
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