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European venture activity mirroring that of the United States

Venture dealmaking in Europe is beginning to look more like that of the United States, with more money pouring into a fewer number of deals and round size increasing.

European VCs put a near record $7.6 billion to work in the first quarter, the second largest quarter on record, trailing only the fourth quarter of 2015, according to Dow Jones VentureSource.

Capital rose 41 percent from a year ago, with money chasing late-stage and growth-rounds climbing 44 percent. Early round capital was largely unchanged.

At the same time, deal volume slumped to 743 rounds, down 9 percent from the fourth quarter, VentureSource found. The median round size rose to $3.4 million, double what it was three years ago.

Source: Dow Jones VentureSource.

Eighty-two percent of deals were technology, enterprise or consumer related and 14 percent were tied to healthcare.

In contrast, European fundraising remained depressed, with just $1.4 billion raised by 20 funds, VentureSource said. That’s down 38 percent in capital from a year ago.

The first quarter IPO market for venture-backed companies also was slack, with just eight offerings and the amount raised down 88 percent.