Looking at Silicon Valley's startup landscape, where Facebook just raised $16 billion in its initial public offering and newbies like Pinterest and Instagram have commanded soaring valuations, you'd think optimism would be running high among venture capitalists.
But the most recent numbers by the National Venture Capital Association show that venture funding plunged last quarter, even in hot sectors like consumer Internet.
Venture capitalists poured $5.8 billion into 758 deals in the first quarter of the year, according to the MoneyTree report the association prepares with PricewaterhouseCoopers and Thomson Reuters. That was a double-digit drop in both dollars and deals compared with the fourth quarter of 2011, when $7.1 billion went into 889 deals.
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