L.A.-area Web firms getting more funding

LA-AREA WEB FIRMS GETTING MORE FUNDING
[SOURCE: Los Angeles Times, AUTHOR: Michelle Quinn]
Los Angeles is gaining on Silicon Valley as ground zero for the current Internet boom. Southern California continued to rank second nationally in overall venture funding, receiving $1 billion in 2006, up from $625 million a year before. The San Francisco Bay Area, which includes Silicon Valley, received $2.5 billion. The New England region, which ceded the No. 2 spot to Southern California late last year, received $795 million. Nationwide, VC firms invested $7.4 billion in the second quarter, up 8%. There were 717 rounds of financing in the quarter, also up 8%, marking the highest quarterly deal volume since 2001, according to the report. Information technology firms, which include software, electronics and semiconductors, received the largest slice of the venture pie: $4.18 billion, up 12% from $3.74 billion. Of that, software companies received the biggest chunk at $1.5 billion, up 1%.
http://www.latimes.com/business/printedition/la-fi-venture23jul23,1,2417...
(requires registration)