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Venture capital investing just half of what it was last year, by Tracy Seipel

Venture capital investing nationwide in the second quarter rose modestly from the previous quarter but still totaled only $3.7 billion — half of what it was the same time last year. And it is on track to end the year at the lowest level since the mid-1990s, according to a venture industry report released Monday.

Meanwhile, the Bay Area's share of the national total declined, according to the MoneyTree report. Venture capitalists invested $1.18 billion in Bay Area companies during the quarter, down 8 percent from the first quarter and down 61 percent from the second quarter of 2008. Th e sum represented 32 percent of total fundings, the Bay Area's smallest share since the third quarter of 2003.