Venture capital firms closed more deals with companies in Boston than Cambridge for the second straight quarter, and for the first time in more than a year gave more money to Internet technology companies than health care companies in the first quarter.
"You're seeing another tech renaissance," said C.A. Webb, executive director of the New England Venture Capital Association. "We had our heyday 15, 20 years ago, we're at it again."
A report released yesterday by CB Insights, a venture capital tracking firm, said funding for Internet companies accounted for 32 percent of the roughly $899 million in venture capital investments from January to March. Health care funding accounted for 30 percent.
Webb said the increase in tech money is in no way a reflection on the health care sector, but it shows how strong the tech startup industry has become.
"The entrepreneurial community on both sides continues to thrive," Webb said.
Boston companies saw 32 deals while Cambridge startups saw 17. Still, Cambridge companies raised $260 million, $54 million more than Boston companies.
"It's an expansion of the innovation community," Webb said. "It's a sign that it's truly robust and growing more."
New York also continued its streak over Massachusetts in numbers of deals, topping the Bay State for the fifth straight quarter. Still, Bay State companies raised $898.94 million compared to New York's $842.75 million. But both were far behind California, where companies raised more than $5 billion.
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