VC firms shift to early-stage (The Deal.com)

"The number of first sequence deals … marks a five-year high and is yet another signal that VCs are optimistic about making new bets, albeit smaller ones, in companies that have never received any previous investment before," said Darrell Pinto, director of private equity performance at Thomson Financial.

"Overall for the second quarter, startup/early-stage companies accounted for 31% of the deals, expansion stage for 38% and later stage falling to 30%, with first-round companies snatching percentage points from the later-round companies."