Posted by rcipgh on 9:41 AM
Angel and venture capitalists converging on PNC Park for the Three Rivers Venture Fair are following a five-year trend that shows Pittsburgh has been a solid bet in an unstable economy.
A report released Wednesday by New York-based accounting firm Ernst & Young LLP and South Side-based seed stage investor Innovation Works notes the Pittsburgh region saw increased deals and investment during a time when both were stalling nationwide.
In 2012, the number of venture deals nationally declined 6 percent and the number of dollars invested dropped 10 percent, from $29.5 billion the previous year to $26.5 billion last year. But the Pittsburgh region saw a 54 percent increase in the number of investment deals and a bump up in investments from $326.9 million in 2011 to $329.1 million in 2012.
From 2008 to 2012, the region saw $1.3 billion in early-stage technology investments and nearly doubled the number of investments for very-early-stage companies. Between 2011 and 2012, 28 regional companies made exit deals worth $2 billion in disclosed value.
That sounded pretty good to tech entrepreneurs who gathered at Wednesday's kickoff of the Three Rivers Venture Fair, as they look to snag investors.
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