European venture capital funds are lagging their US counterparts in the fundraising stakes, with funds raised in the first quarter running at just a half of last year's levels, according to data from Dow Jones LP Source.

European venture fundraising fell in the first quarter of 2011 compared with last year. European firms raised $653m for five funds during the first quarter, down from $1.3bn raised for 13 funds during the same period in 2010.