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Digital New York: City's VC funding goes out with the new media tide; AOL provides lift to small Viewpoint.(venture capital, Viewpoint Corp. receives America Online Inc. contract)(Brief Article)(Statistical Data Included)(Polling Data)
Crain's New York Business, August, 2001 by Fickenscher, Lisa
The venture capital dollars that flowed into New York with the rise of the new media industry are flowing back out after the industry's free-fall. The New York metro area fell to eighth place from third in a survey of venture capital funding released last week, which compared the second quarter with the first quarter.
Venture capital firms nationwide have pulled back to make sure they have enough money to support the companies in their portfolios. New York was hit especially hard because it has an abundance of new media companies compared with cities that are centers for traditional tech businesses. The PricewaterhouseCoopers MoneyTree Survey shows that 42 New York-based companies in various industries received $274 million in equity financing in the...
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