U.S. venture capital firms raised $1.9 billion in 38 funds in the second quarter, amassing less capital, $3.7 billion, in the same number of funds than in the first quarter, according to data released Monday by the National Venture Capital Association and Thomson Reuters.
It was the lowest amount raised by U.S. venture capital firms since the third quarter of 2003, when $1.8 billion was raised in 34 funds.
The quarter's fundraising number appears to continue a trend of U.S. venture capital funds growing smaller. In the second quarter of 2009, U.S. venture capital firms raised $4.4 billion in 36 funds.
The largest funds raised in the second quarter were the $325 million Venrock Associates VI and $213.8 million Polaris Venture Partners VI.
Of the 38 funds raised, 12 were offerings of new U.S. venture capital firms, up from nine funds from new firms in the first quarter, and 11 funds from new firms in the second quarter of 2009.