Venture capital firms invested $144 million into young local companies during the first quarter,the highest amount in two and a half years.
Venture capital investments showed a 10% gain from the first quarter a year earlier, beating a national trend of a 7% pullback, according to data provided by Dow Jones & Co.’s Venturesource unit.
Firms made 12 investments into Orange County healthcare, technology and retail companies in the first quarter. A year earlier, 10 local investments were made.
Makers of medical devices and equipment saw the biggest amount of money with $92 million invested. Still, that was short of the prior year’s $115 million invested in the sector. The sector saw a total $200 million invested in 2007.
Surgical device makers received $50 million and therapeutic device makers received $26 million.
Information services came in second with $28 million, well ahead of the $4.5 million that was invested for all of 2007.
The business, consumer and retail sector received $23 million, just shy of the $25 million that was collected for all of last year.
Local energy companies received no funding so far this year from venture capital firms. For all of 2007 they received $27 million.
Southern California reclaimed its No. 2 spot in the country for venture funding, receiving $672 million. The region took back the spot from New England, which ranked second in the fourth quarter.
San Francisco was the top area for investments. It grew investments 10% from last year to $2.56 billion in 213 deals.
