U.S. venture capital firms' first-quarter fundraising was the lowest first quarter since 1993, according to Thomson Reuters and the National Venture Capital Association.
Thirty-two funds raised $3.6 billion in the quarter ended March 31, down from $4.1 billion in 44 funds in the previous quarter and $5.3 billion in 57 funds in the first quarter of 2009.
In the first quarter of 1993, 10 venture capital funds raised $219.3 million.
The largest new fund raised from a new firm in the most recent quarter was the $50.7 million Longwood Founders Fund.
The largest funds raised overall were $750 million each for Battery Ventures IX and Oak Investment Partners XIII.