First-quarter venture capital (VC) funding in the US fell to US$4.6bn from US$5.4bn in the previous quarter, a MoneyTree Survey by PricewaterhouseCoopers, Thomson Venture Economics (TVE) and the National Venture Capital Association (NVCA) reveals.

But Bucking a national downturn, venture capitalists flocked to Florida during the first three months of the year, pumping $99.3 million into 11 companies and giving the state it’s best quarterly showing since 2002.

Venture funding in the state was up 10 percent versus the previous quarter and up 16 percent versus the same period last year, according to a survey released by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association