Venture capital investments up 266%

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An estimated $22.7 billion in venture capital was plowed into Internet start-ups in the first quarter, up 266% over the $6.2 billion invested in the first quarter of 1999, according to the National Venture Capital Association, Arlington, Va. Of that $22.7 billion, $17 billion went into Web start-ups. B-to-b companies sucked in $4.7 billion, while their business-to-consumer counterparts got $3.2 billion. The rest of the cyber-related dollars were split between Web communications, infrastructure and services start-ups. Silicon Valley companies were venture capitalist's favorites, getting about $7.9 billion; Northeast start-ups followed with $5.4 billion.
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