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Clean energy ventures received the most dollars at $494 million, or 45%, but received only 33% in the fourth quarter with clean industrial technology companies taking up the slack. Average deal size declined from $8.1 million in the first quarter to $4.1 million in the final quarter, as investors moved from follow-on financings to backing start-ups, consistent with venture capital activity in other sectors. West Coast companies received the most funding at 23% but the Northeast came in a close second at 22%, with a strong fourth-quarter showing of 37.6%. Canadian companies secured 14% of total funding.
The most active investor, by number of deals, was Hydro Quebec Capitech, the venture capital arm of the Montreal-based utility. Only 1 of the top 10 investors is based on the West Coast. Six of the top 10 deals were done ...