Despite a shaky stock market, area firms raised $350M in venture capital this year

April 15, 2016 4:07 AM

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Washington-area companies drew nearly $350 million in venture capital during the first three months of the year, the highest first-quarter total since 2001, despite turbulence in the stock market and a slowdown in initial public offerings.

In all, 38 local businesses secured $346.38 million in first-quarter funding, a 3 percent increase from the same quarter last year, according to a report released Friday by PricewaterhouseCoopers and the National Venture Capital Association, with data by Thomson Reuters.

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