Weekly Venture Capital Activity Week July 11, 2005 through July 17, 2005
This reporting period companies based in California operating in the IT Services industry and that have raised their Series D, E & up round of financing led the pack in the amount of venture financing raised. Also, there was five IPOs this reporting period.
(PRWEB) July 22, 2005
The five IPOs that listed on American stock exchanges this period were:
Cryocor raised gross proceeds of $40.8 million on the NASDAQ Stock Exchange and is a San Diego, CA based provider of minimally invasive, disposable catheter systems used for the treatment of cardiac arrythmias.
Focus Media Holding raised gross proceeds of $171.7 million on the NASDAQ Stock Exchange and is a Shanghai, China based operator of the largest out-of-home advertising network in China.
JER Investors Trust raised gross proceeds of $216.9 million on the New York Stock Exchange and is a McLean, VA based specialty finance company which originates and acquires real estate debt securities and loans.
Quintana Maritime raised gross proceeds of $192.1 million on the NASDAQ Stock Exchange and is a Glyfada, Greece based provider of dry bulk marine transportation.
United Financial Bancorp raised gross proceeds of $76.7 million on the NASDAQ Stock Exchange and is a West Springfield, MA community bank with 11 branches in Hampden County, Massachusetts.
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Www. capitalHunter. com was able to verify that $537 million of venture capital was invested in 34 U. S.-based companies during this weekÂ’s reporting period. The average deal size was approximately 15.79 million. The amount of venture capital invested this period increased by 289% compared to last periods $138 million.
Geographically, California led the way with eleven deals worth $253 million, representing almost half (46%) of this reporting periods funding. However, one company, FiberTower, accounted for more than half of this amount (more on that later). Other companies in California that raised money this reporting period include Posit Science, a provider of neurological health programs that raised $14.52 million in Series B financing, and LGC Wireless, a producer of in-building wireless voice/data coverage and capacity solutions for wireless and Internet use that received $11 million in late stage mezzanine financing. Utah had a good week, raising $57 million and trailed only California in regional funding this reporting period. The rest of the funding was evenly spread out among the usual suspects, including Massachusetts, Virginia, North Carolina, Washington and others.
The IT Services sector raised 30% of the venture capital this reporting period, for a total of $163 million. However, only two companies were part of this funding due to the fact that FiberTower raised an astonishing $150 million, which is the second largest funding this year, topped only by the $200 million Series E funding Vonage raised earlier this year. Software, the perennial leader in venture funding, raised 20% of the funding this reporting period with $107.25, while healthcare related companies (biotechnology, medical devices and health-related facilities) also did very well, raising a total of $139.4 million despite the poor market for biotech public offerings (though CryoCor went public last week, see above)
Late stage financing received the most dollars (again, due to the $150 million raised by FiberTower) with $212 million, but the number of early stage companies receiving financing continued to be strong, as thirteen companies raised a first round of financing and ten more companies raised a second round, meaning that about two-thirds on the reported deals this week were in early or relatively early stage companies. Only five companies accounted for the $212 million late stage capital raised this period, and FiberTower was responsible for most of that. Other notable late financings include Motricity, a Durham, NC based provider of mobile content that raised $30 million, and Vitae Pharmaceuticals, who is currently working with GlaxoSmithKline to develop novel renin inhibitor drug compounds for the treatment of hypertension and related cardiovascular disorders, raised $15 million.
The three largest venture deals this period are as follows:
1 FiberTower IT Services $150 million
2 Omniture Software $40 million
3 Centerre Healthcare Healthcare Services $30 million
The following thirteen and other unnamed investors funded the above mentioned top three venture capital investments for $220 million:
1 Attractor Investment Management
2 BA Venture Partners
3 Baird Venture Partners
4 Crown Castle International
5 Goldman Sachs
6 Hummer Winblad Venture Partners
7 Meritech Capital Partners
8 Oak Investment Partners
9 Pacific Venture Group
10 River Cities Capital Funds
11 RiverVest Venture Partners
12 Sterling Venture Partners
13 Tudor Investments
A total of 87 equity financings of private and public companies occurred during this reporting period. Each of the 87 equity financings are profiled in a weekly report which include venture financings, private placements, secondary offerings, PIPEÂ’s, and IPOÂ’s.
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