U.S. venture capital firms raised a total of $7 billion in 36 funds in the first quarter, compared with $3 billion raised by 41 funds in the previous quarter, according to the National Venture Capital Association and Thomson Reuters.
In the first quarter of 2010, 44 venture capital funds closed on $4 billion.
The three largest funds closed in the first quarter were the $1.6 billion Bessemer Venture Partners VIII, $1.3 billion Sequoia Capital 2010 and $1.2 billion J.P. Morgan Digital Growth Fund.
Eleven venture capital funds that closed were first funds by new firms, compared to 14 first funds in the fourth quarter and 15 new funds in the first quarter of 2010. The largest first fund was the $192 million True North Venture Partners.