European venture capital investment last year reached its highest level since the dot-com boom on the back of a healthy market for initial public offerings.

Equity financing for European venture-backed companies reached €7.9 billion ($8.9 billion), up from €6.3 billion in 2013 – the biggest amount invested since 2001 when companies secured €10.6 billion, according to data provider Dow Jones VentureSource.

Senior market executives attributed the rise to the strong market for listings, which has enabled venture firms to exit holdings, return money to investors and make fresh investments.