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US venture firms raise $7.39B, more than double year earlier

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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.

Read More An idea getting tougher to fund: Venture capital

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.

—By Reuters

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