Global investment in early-stage investment was 60% lower in the first nine months of 2002 compared with the same period in 2001, according to a survey by VentureOne, but venture capitalists say they have found reasons to be optimistic.

VentureOne said $19bn (€19bn) was invested in 2,500 opportunities in the US, Europe and Israel in the first three quarters of this year. This was the lowest rate of investment in four years and most of the cash was used to support existing venture-backed companies.