Latest quarterly numbers paint dismal picture for venture capital

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When tech investors from around the country convened in San Francisco last week for the annual convention of the National Venture Capital Association, spirits were high. The group was celebrating its 40th anniversary, and members hailed last year's passage of the JOBS Act, which advocates say will help more companies go public by easing regulations.

But the association's latest quarterly funding roundup provides a sobering counterpoint.

In the first three months of 2013, nationwide venture funding fell 12 percent compared to the previous quarter, according to the MoneyTree report. The association and PricewaterhouseCoopers compile the data with Thomson Reuters.