Alley vs. Valley
Greentech is so firmly associated with the West Coast, we’re not even going to bother with the jokes about hippies and solar panels. But if Mayor Michael Bloomberg has anything to say about it, that’s not going to stay the case. Today the mayor presided over the opening of energy-efficiency software company Efficiency 2.0’s snazzy new Flatiron offices (in the same building as Tumblr, no less), where he made it clear that New York City’s tech scene will not be ignoring the cleantech market, thank you very much.
With some big name IPOs getting off to a hot start, venture capital firms went all in on during the second quarter of 2011. New data from a MoneyTree report that pulled info from PriceWaterHouseCoopers, the NVCA and Reuters, found that VC funding jumped 18.7% in Q2, reaching its highest level since the 2008 economic crisis began.
Interestingly software was the leader in terms of dollars received. It beat out more capital intensive sectors with 25% market share ($1.5 billion), followed by biotech ($1.2 billion), medical devices/equipment ($840 million) and IT services ($763 million).