For the first time in more than a decade, venture capital is experiencing a resurgence.

During the second quarter of 2014, venture funds invested nearly $13 billion in more than 1,100 deals, according to PricewaterhouseCoopers — the highest level since the fourth quarter of 2000. But there has been a noticeable change in the industry’s investment behavior, notes Mark McCaffrey, a partner at PwC’s technology practice in San Jose, California.