U.S. venture capital firms raised larger funds in the first quarter than in the first quarter of 2015 with $12 billion in 57 funds, a 59% increase in capital and a 17% drop in number of funds from the same quarter of 2015, said a venture capital fundraising report by the National Venture Capital Association and Thomson Reuters.
By comparison, venture capital firms raised $5.5 billion in 51 funds in the fourth quarter.
The first quarter of this year was the biggest quarter for venture capital raised since the second quarter of 2006 when $14.3 billion was raised by 79 funds, raising more capital than the previous two quarters combined. The second quarter of 2015 was also a big fundraising quarter with $11.1 billion raised by 82 funds.
The largest fund raised in the first quarter was the $1.3 billion Founders Fund VI, managed by Founders Fund.
Fourteen of the venture capital funds raised in the first quarter were first-time funds, down 39% from the 23 funds raised by new firms in the fourth quarter and down 33% from the 21 first-time funds raised in the first quarter of 2015. The largest first-time fund raised in the first quarter was venture capital firm 1955 Capital’s $200 million first fund.