VCs pump record $22 billion into start-ups

Venture capitalists invested a record $22.7 billion in 1,557 U.S. companies during the first quarter of this year, according to a report Thursday from the National Venture Capital Association. Three-fourths of those investments--$17.1 billion--went to Internet companies, the Arlington, Va.-based trade group said. During the past month, Internet companies have lost much of their luster in the stock market, where the Nasdaq composite index--a technology bellwether--has plunged by 19 percent since March 31. But venture capitalists say the stock market jitters won't necessarily translate into a significant drop-off in their investment activity. "There are so many good opportunities out there that it looks like the velocity of investment will remain strong. We are certainly pursuing deals aggressively," he said.