SALT LAKE — Utah companies raised $85.9 million in venture capital in the first quarter of 2013, ranking it the eight highest in the nation for funding, according to a study by the National Venture Capital Association.
Funding in Utah more than tripled from the first quarter of 2012 when the state raised $25.9 million. Utah is fairing better than the national average, which dropped 6.3 percent to $5.9 billion, according to the report.
“Lower investment levels in the first quarter were driven by a number of factors, none of which were unexpected,” said John Taylor, head of research for NVCA, in a statement. “The venture industry has been raising less capital than it has been investing now for several years, and ultimately this dynamic flows through and manifests itself in lower investment levels overall.”
Total venture capital in Q1 2013 (in millions) | Infographics