Venture capitalists invested €616m ($734m) in early-stage European companies in the third quarter of 2003 - almost 90% less than in the same quarter of 2000, according to figures from VentureOne and Ernst & Young.

European venture capital investment has fallen every year since its peak in 2000, when figures from the research firm and the accountants show €21bn was invested. The quarterly rate of investment has fallen in all but two of the last 11 quarters. Investment in the third quarter of 2003 is 20% lower than in the second quarter.