San Francisco - Venture-capital firms ramped up their investments last year and last quarter, particularly in the red-hot software sector, according to a report from the National Venture Capital Association and consultancy PriceWaterhouseCoopers.
For the year, venture firms invested $29.36bn in startups, a 7%increase over $27.32 in 2013. For the quarter, they invested $8.37bn in start-ups, 20% more than the same time last year and more than any quarter since the end of 2007.
Software was the big draw, taking in $2.88bn last quarter and $10.96bn for the year, more than any year since 2000, according to the report.
Biotechnology, a sector that has seen some strong initial public offerings in recent months, was the second-most attractive over the year to venture dollars, taking in $4.5bn last year and $1.32bn last quarter.
The report is based on data from Thomson Reuters.