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Venture capitalists in the United States invested $4.8 billion in 637 deals in the third quarter of 2009, according to the MoneyTree Report from PricewaterhouseCoopers LLP (PwC) and the National Venture Capital Association. The dollar volume of investment activity increased 17 percent compared with the second quarter, but the number of transactions fell 3 percent.

The pace of investment activity should continue to strengthen over the next several quarters, “as long as the (initial public offering) markets begin to open up and (mergers and acquisitions) activity increases,” said Tracy Lefteroff, global managing partner with PwC’s venture capital practice, in a press release. “We expect to see annual investments for 2009 exceed the $15 billion mark given the continued strength we saw in investing this quarter.”

Seed/early-stage deals accounted for 45 percent of total deal volume in the third quarter, compared with 39 percent in the second quarter. Expansion-stage dollars increased 27 percent in the third quarter, about the same percentage as the previous quarter. Investments in later-stage deals increased 35 percent in dollars, but fell 20 percent in number of deals.