U.S. venture capital funds raised $7.39 billion in the second quarter, more than double the amount generated a year ago, as investor demand for startup companies stayed strong, according to a report issued on Wednesday.
The number fell short of last quarter's $9.08 billion, the strongest showing since late 2007, but still marks one of the biggest quarters in recent years, according to the report from the National Venture Capital Association.
A hot market for initial public offerings and acquisitions is likely bolstering investor appetite for the sector. Earlier this month, the association said venture capital-backed companies held 28 initial public offerings last quarter, raising $4.9 billion.
The biggest funds raised included a $1.2 billion fund from Norwest Venture Partners and a $650 million fund from Bain Capital Ventures, according to the report. In all, venture firms raised 78 funds.