California leads venture capital funding in Q3

Venture capitalists are pouring money into the cleantech industry even though investors are scaling back funding in other sectors, according to a report from Ernst & Young LLP as reported in the Los Angeles Times. The report found cleantech companies raised almost $1.2 billion in the third quarter, up 73 percent from $684 million compared to the same quarter last year.
“Confidence in cleantech investing continues despite the challenging investment market,” Jay Spencer, director at Ernst & Young says in the article.
This is the first quarter the sector has seen an increase in funding since the third quarter of 2008. California led the nation with 32 deals, receiving $583 million in funding.