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Venture firms pour $6 billion into local tech firms

Venture capitalists poured almost $6 billion into New York tech companies in the last three months, twice as much as during the same period a year ago, as they concentrate on bigger investments in high-profile firms.

WeWork’s $1 billion from SoftBank Group was the period's largest venture investment in the country, according to the PwC/CB Insights Money Tree Report. But two other New York companies—video-streaming exercise company Peloton and mobile commerce startup Letgo—each raised $500 million and made the list of the top six deals.

The money raised in the third quarter is a record for the New York metropolitan area. So far this year, New York companies have attracted $11.3 billion, almost as much as the $12 billion invested in all of 2017, in 555 deals. There were just over 800 deals all of last year. Total venture capital invested in the U.S. increased by 17%, to $27.5 billion, compared with the same period in 2017. Some 1,229 deals were made.

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