Model D <../default.aspx> Friday 14 March 2008 Dippy the Dinosaur - Diplodocus carnegiei at the Carnegie Museum of Natural History | Brian Cohen Home <../default.aspx> | Neighborhoods | Features | Pittsburgh Innovates | Development News | In the News | cityLive! | Pop Filter | Sign Up <../signup.aspx> Pittsburgh Innovates March 12, 2008 Pittsburgh ranks #2 nationally in venture capital growth // Innovation Works’ Matt Harbaugh saw it coming. In fact, he predicted it. The national figures for venture capital investment in 2007 are in and Pittsburgh is the second fastest growing region in the country, according to The Money Tree Report by PricewaterhouseCoopers and The National Venture Capital Association . The analysis focused on the ten-year growth rates for regions across the country and ranked the fastest growing areas based on number of companies funded, excluding areas that had under $100 million in investment in 2007. Pittsburgh ranked right behind the state of New Mexico with total investment in 2007 of $198 million compared to $32 million in 1997. Its growth rate of 513 percent beat out other cities like Seattle (211 percent), Los Angeles (155 percent) and Washington, D.C. (130 percent). (For the analysis, click here .) “Pittsburgh is starting to show some real maturity and momentum. It’s a sign that a lot of things are happening,” notes Rich Lunak, president and CEO of Innovation Works. “The region is bringing in more research dollars and organizations like Innovation Works are putting more seed money into companies.” Sixty-six percent of the companies receiving investments were seed and early stage companies, according to the NVCA report. The top industries in Pittsburgh receiving funding were life sciences, software and clean technology. The investments that topped the chart in 2007 were Millennium Pharmacy , Logical Therapeutics and BPL Global . “The numbers are even more impressive when you consider that Pittsburgh isn’t as large as the other regions being recognized here,” adds Matt Harbaugh, IW chief investment officer. "We’re well on our way to achieving that critical mass of entrepreneurial companies that feed on themselves, becoming a real engine for growth in the region.” With the fastest growing VC regions now outside of the Silicon Valley, California is coming here. For this week’s Pop City story, click here . Writer: Deb Smit Source: Rich Lunak, Matt Harbaugh, Innovation Works Neighborhoods: Squirrel Hill , North Side , Mt. Lebanon , South Side , Strip District , Lawrenceville , Carnegie , East Liberty , Friendship & Penn Ave Arts District , Oakland , Regent Square , Dormont , Shadyside , Downtown & The Cultural District , Millvale Contact Us <../ContactUs.aspx> | Privacy Policy <../PrivacyPolicy.aspx> | Terms of Use <../TermsOfUse.aspx> | Signup for E-Newsletter <../signup.aspx> | Pittsburgh Links <../PittsburghLinks.aspx> Have a tip for us? <../Tips.aspx> | About Pop City <../AboutPopCity.aspx> | RSS © 2005 Model D LLC. - All content subject to copyright