2010 ended on a down note for VC funds. Word came this week that 2010 represented the fourth consecutive year of declines and the slowest annual period for venture capital fundraising since 2003, according to Thomson Reuters and the National Venture Capital Association (NVCA).
The silver lining, the NVCA said, is that downsizing of the venture industry has positive implications for investors and entrepreneurs. “An agile venture capital model likely translates into more capital efficient and fewer duplicative deals in the IT arena,” said its president, Mark Heesen in a release, adding, “The most innovative and efficient companies will continue to be funded by the venture community.”
That must be happy news for semantic web movie and TV “taste engine” Jinni. 2011 started out on a good note for the site, with its announcement that it closed a series B funding round for $5 million. The round was led by two strategic investors: Belgacom – Belgium’s leading telco – and an undisclosed Tier-1 connected-TV manufacturer. Jinni’s service enables Belgacom to offer its customers personalized movie recommendations and discovery, on TV, mobile and web platforms. Venture capital firm DFJ Tamir Fishman Ventures (which previously led Jinni’s Round A funding) also participated.
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