Cleantech companies receive record VC funding in 2008; sharply lower investment in 4th quarter

In Massachusetts, reports by Greentech Media and the Cleantech Group have found that venture funding for green technologies reached a record in 2008, but fell sharply in the fourth quarter as the economic downturn took hold.

The Cleantech Group is reporting venture capital totaling $8.4 billion poured into the sector in 2008, up 38 percent over 2007. Investment peaked in the third quarter, with $2.5 billion investment, and fell to $1.7 billion in the fourth quarter according to the research company.

Greentech Media reported VC funding of $7.8 billion, up 85 percent over 2007, and also showed a peak in the third quarter of $2.9 billion in investment. Greentech reported investments falling to $2.5 billion in the fourth quarter.

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