Startups seeking venture capital in Washington state had a strong start to 2014, pulling in
more than $172 million to launch their nascent businesses in the first quarter of the year.
That figure is less than the record-setting $485 million brought in during the final quarter of last year, but it is still more than double the numbers reported in Q1 of 2013 and ahead of the national average for venture capital investments.
According to the report issued PricewaterhouseCoopers and the National Venture Capital Association, the majority of deals struck in Washington were in the software industry, which accounted for half of the 26 investments worth almost $100 million made in 2014. Biotechnology the runner up with four deals with just over $30 million.
The two largest investments were $30 million in late-state funding for software company Avalara and $25 million in early stage funding for Juno Therapeutics, a biotechnology company.