The gains were particularly impressive in light of the techshakeout on Wall Street, where many Internet stocks have beenhammered down to half their price—or more—from January's loftylevels.
The $2.1 billion in Southland investment was divided among 136companies, compared with $1 billion for 106 companies in the secondquarter of 1999, according to data from the Boston-based NationalVenture Capital Association. The NVCA is a nonprofit trade groupthat provides quarterly statistics.
Despite months of market volatility, venture capitalistscontinued to invest in innovative, young companies at recordlevels, says an NVCA spokeswoman. The pattern in SouthernCalifornia was repeated nationally, where 1,695 companies receivedventure funding in the second quarter, compared with 1,627 in thefirst three months of the year.
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