Venture capital: Lyft, other Bay Area startups lead Q2 funding

U.S. venture capital funding rose in the second quarter to a record $23 billion, with San Francisco startups leading the way in number of deals.

San Francisco-based Lyft received the biggest round of funding for the quarter: $600 million from Fidelity Ventures, according to the MoneyTree Report released by PricewaterhouseCoopers and CB Insights on Thursday. That infusion, announced in June, raised the ride-hailing company’s valuation to $15.1 billion.

A total of 271 San Francisco startups received $5.6 billion in the quarter. The number of deals there was up from 260 in the first quarter, but the amount invested declined nearly 14 percent from $6.5 billion in Q1.

The South Bay (which the MoneyTree report refers to as Silicon Valley) was No. 3 on the list of top regions for venture funding, with 166 deals totaling $3.9 billion. That amount was flat from the first quarter, while the number of deals dropped from 170 deals in the first quarter.

There were 1,416 deals in the United States in the second quarter, up from 1,297 deals in the previous quarter.

Robinhood, based in Palo Alto, received $363 million in a round led by capitalG, Kleiner Perkins Caufield & Byers and DST Global. That put the fintech company at No. 3 on the list of top recipients of funding.

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Bay Area startups topped the list of megadeals — funding rounds worth $100 million or more — of which there were 45 in the second quarter. They include OpenDoor Labs, the San Francisco startup that enables online homebuying, which was No. 4 on the overall list of amount of funding received. It received $325 million from General Atlantic, GGV Capital and New Enterprise Associates. Tradeshift, a San Francisco-based …read more

Source:: The Mercury News – Business


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