Business
Investors avoid healthcare, go for energy
New York | May 10, 2008 12:01:13 AM IST
With fears the United States is hobbling toward recession, venture capital first quarter investments were lowest since the first quarter of 2005, data shows. The Wall Street Journal reported Saturday in all, investors pumped $6.8 billion into U.S. companies across 603 deals in the first quarter, figures compiled by Ernst & Young and VentureSource showed. The newspaper said the investment level is down 8 percent from the $7.4 billion recorded in the year-ago quarter and 9 percent in the fourth quarter of 2007. The data showed investment in the healthcare sector slid the furthest in the first quarter, dropping 43 percent. More than $1.7 billion was invested in 142 healthcare companies, the Journal said. While eschewing healthcare companies, investors have gravitated toward the information services sector, which includes many Internet-based companies. For those firms, investment funding doubled to $1.59 billion in the first quarter of 2008 from the year-ago quarter. Analysts said investment in energy is also doing well. The newspaper reported that 22 companies raised $368 million, up 5 percent from $351 million reported in the first quarter of last year. (UPI)
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