Venture capital falls.Venture capital activity in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, fell 40 percent in the first quarter to $371 million, a sign investors in early-stage companies pulled back as the overall economy lost steam. Venture capitalists invested in just 34 deals in Southern California in the first quarter--13 each in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and eight in Orange County--compared with 51 deals in the first quarter of 2004, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report released last week by accounting firm Ernst & Young and VentureOne, a unit of Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance & Co. Several sectors posted significant declines, led by health care companies, with a 39 percent drop in overall funding in Southern California, the report stated. Early-stage investments had been on an upward trend last year, with strengths in communications and Internet start-ups. But the report noted that first-quarter activity tends to be slow because venture capitalists tend to focus on fund-raising in the first quarter, not investments. |
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