NEW YORK (AP) — Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into an increasing number of deals, according to a report due out Friday.
Startup investments totaled $9.47 billion in the first three months of 2014, up from $6.01 billion in the first quarter of 2013. It was the highest since $11.5 billion in the second quarter of 2001.
There were 951 deals completed in the quarter.
Online storage startup Dropbox snagged the period's top deal with $325 million. Vacation rental site Airbnb and mobile messaging service TangoMe tied for the No. 2 spot with $200 million each.
The MoneyTree study was conducted by PricewaterhouseCoopers and the National Venture Capital Association, based on Thomson Reuters data.