这并不是大家的幻想。风投资本家正在向初创公司投入更多的资金，而且越来越多。他们手中还拥有大量新基金来支持他们的投资活动。

    以下是2014年第二季度综述：

    风投资本交易

    风投资本家2014年第二季度支出了215亿美元，这个数字创造了2000年第一季度（根据PitchBook的数据）以来的历史新高。此外，这个数字较2013年第二季度的128亿美元增长了68%。然而，更有意思的是，2013年接受风投资金的公司的数量更多（2,110家对1,590家）。事实上，交易数量已连续第四个季度出现下滑，但总投资额却已经是连续第四个季度上扬。

    No, it’s not your imagination. Venture capitalists are paying more for startups. Much more. And they also have a lot of new funds from which to invest.

    Here’s the Q2 2014 roundup:

    VC deals

    Venture capitalists disbursed $21.5 billion in Q2 2014, which is the largest such number since Q1 2000 (according to PitchBook). Moreover, it’s 68% higher than the $12.8 billion invested in Q2 2013. What’s interesting, however, is that more companies were funded in the year-earlier period (2,110 vs. 1,590). In fact, the number of deals has dropped for four consecutive quarters, while the amount of total investment has risen for four consecutive quarters.

    风投资本估价

    （根据PitchBook的数据）所有交易的投资前估价中值从2013年第二季度的1,380万美元上升到了2014年第二季度惊人的2,460万美元。虽然最高的增长出现于后期阶段的投资当中，但风投资本生命周期的每一个环节都承受了巨大的上行压力。

    VC valuations

    Median pre-money valuations for all deals climbed from $13.8 million in Q2 2013 to a whopping $24.6 million in Q2 2014 (according to PitchBook) The largest increase was in later-stage deals, but every single part of the VC lifecycle experienced substantial upward pressures.

    风投资本筹资

    PitchBook的数据显示，2014年第二季度，76支风投基金交割了139亿美元的资金。相对于2013年第二季度49支基金60亿美元的筹资金额来说，这个增长幅度很惊人，即便与2014年第一季度的110亿美元相比亦是如此。唯一的问题在于，4家公司瓜分了第二季度筹资总额的近三分之一，而这反映了数十亿美元风投基金的回归。有7支基金新加入筹资大军；85%的基金达到了筹资目标；筹资从推出到完成的平均时间为15.4个月。

    VC fundraising

    76 venture capital funds closed on $13.9 billion in Q2 2014, according to PitchBook. That’s a whopping increase over the 49 funds raising $6 billion in Q2 2013, and even over the 70 funds raising $11 billion in Q1 2014. The only caveat is that nearly one-third of the Q2 capital raise came from just four firms – reflecting the return of billion-dollar VC funds. Seven of the funds were first-timers, 85% met fundraising targets and the average time from launch to close was 15.4 months.

    退出

    （根据汤森路透和美国风投协会的数据）28家由风投资本投资的企业于第二季度公布了在美国交易所的IPO（首次公开募股）价格，共筹集了49亿美元。而2014年第一季度的这一数字为37家公司，34亿美元；2013年第二季度的数字为22家公司，22.5亿美元。

    第二季度，22家进行IPO的企业中有16家是生命科学公司，而这也是连续第五个季度有10家或以上数量的由风投资本投资的生命科学公司进行IPO。在28家首次公开募股的公司当，22家来自于美国本土，然而单体募股金额最大的是一家中国公司（于纳斯达克上市的JD.com筹集了20亿美元）。97家由风投资本投资的公司于第二季度被收购，较第一季度111家公司的总数小幅下降，基本上与去年同期96家的总数持平。（财富中文网）

    Exits

    28 VC-backed companies priced IPOs on U.S. exchanges in Q2, raising $4.9 billion (according to Thomson Reuters and The National Venture Capital Association). This compares to 37 VC-backed companies raising $3.4 billion via IPOs during Q1 2014, and 22 VC-backed companies raising $2.25 billion via IPOs in Q2 2013. Sixteen of the 22 second-quarter IPOs were for life sciences companies, marking the fifth consecutive quarter of double-digit IPOs for the VC-backed life sciences sector. Twenty-two of the 28 offerings were for U.S.-based companies, although the largest single offering (JD.com, which raised $2 billion and listed on the NASDAQ) was for a Chinese company.

    97 VC-backed companies were acquired in Q2, marking a slight decrease from Q1 (111) and essentially no change from the year-earlier period (96).