Venture capital database VentureDeal has released its report on investment trends for the third quarter of 2010. During the third quarter, the report finds total funding for Internet companies down by 14% and the number of companies funded down by 6%. The mobile sector, however, saw a 40% increase over previous quarters, although the number of companies funded declined
The report says that 343 Internet companies raised $1.8 billion in the third quarter. Grouped together in the Internet category are digital media, e-commerce, and software companies, and these sectors all saw a decline in funding amounts and in the number of companies funded, save the software sector. It saw a 19% increase in investment dollars.
Textbook-rental service Chegg had the largest round of the quarter among Internet companies, with a $75 million round from Hong Kong based Ace Ltd. C$ cMoney had the largest deal in the mobile sector. Its $100 million accounted for 46% of the entire sector’s funding during the quarter. The company has developed what it calls “a new and innovative way to send money and pay for goods and services using a cell phone and the text messaging system.”
