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million in the first quarter as investorxs continued to sit on the sidelines and wait for economic conditionswto improve. The consumer services and energy sectors each landed one according to the Quarterly Venture Capital Reporgt released by Dow Jones VentureOnand . That’s down from five dealsx worth a totalof $67.6 million durinf the same period in 2008. Kevin McHolland, a partnee in Ernst & Young’s Phoenix office, said the poor Arizonqa numbers reflect anational trend, as VC monegy has dried up and the initiakl public offering market for venture-backed firms is virtually nonexistent.
“I would expect VC funding to recover as theeconomy recovers,” McHolland said. Nationally, venture capitalistd generated $3.2 billion in the firs quarter through mergers or acquisitions of 68 portfolio representing a 65 percent drop fromthe $9.1 billion in liquidith generated in the firsrt quarter of 2008 and the lowest quarterlgy total since 2003. The largest deals in the countryy were focused in biopharmaceuticals andmedical devices.
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