Trending: Analysis: Seattle startup ecosystem poised for unprecedented acceleration of company creation
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VC activity in Washington state has been volatile in recent quarters. Source: CB Insights

Venture Capital funding took a turn for the worse during the second quarter as deals and dollars slipped on a national basis, even as the IPO market picked up a bit of steam thanks in part to the strong debut of Seattle-based Tableau Software.

cb-national44According to the CB Insights quarterly report, venture capital investing dropped 14 percent during the quarter to $7 billion. The total number of deals also fell slightly when compared to the second quarter of last year, coming in at 807 deals for the quarter.

Things took a more positive turn in Washington state, which saw one of its most dismal quarters on record during the first quarter. (It actually fell to #10 in terms of VC activity, even behind Oregon).

Investments more than doubled from the previous quarter, but were still off from the second quarter of 2012 when $312 million was raised.

Nonetheless, the state once again climbed back into the top five in terms of venture funding with $208 million invested, helped in part by a $45 million funding round in enterprise software company Apptio and a $34 million round for the Bruce Montgomery-led biotech startup Cardeas Pharma. Other notable deals included Socrata, Optimum Energy and SpaceCurve.

California is still getting the lion’s share of venture dollars as the graphics below show:

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Here’s a closer look at where the deals are flowing in Washington state, anchored by Internet, mobile, healthcare and software companies.

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