US venture capital funding for IT and “Web 2.0″ start-ups rose by 41 percent from Q305 to Q306. Dow Jones’ Venture One survey found that IT and alternative energy led the 5.4 percent overall increase in venture investment in the first nine months of this year to $6.36 billion across 611 deals. Joseph Muscat, Americas director of Ernst & Young’s Venture Capital Advisory Group said: “This is the first time since 2001 that we have seen three consecutive quarters in which investments exceeded $6 billion.” The current total is more than one third of 2000’s dot com boom peak of $63.4 billion.
Related: VC Invesment in Web 2.0 On Track For $500M This Year: Report
This article originally appeared in MediaGuardian.
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