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Venture capital funding stays strong in NYC, slips everywhere else

The nationwide venture capital shakeout that started in 2015 carried over to the first quarter—except in New York, where spending spiked 76% compared to the previous quarter.

It was a very good first quarter for venture capital-backed companies in New York. For companies in California and Massachusetts, not so much.

Bucking a national downturn that began late last year, VC spending in New York totaled $2.6 billion, a 76% spike over the previous quarter and a 75% improvement over the same period a year ago. That's according to the Q1 2016 Venture Pulse Report from CB Insights and KPMG, which was released Wednesday. That would be New York's biggest quarter since 2000, according to numbers compiled by PwC's MoneyTree Report. CB Insights could not immediately confirm the funding history.

Nationwide, VC spending totaled $14.8 billion in the January through March period—a 19% drop from the year-ago period, albeit a 6% bump over the prior quarter.

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