Boston has been touting its Innovation District, but Cambridge continues to outpace the Hub in venture capital, angel and corporate investment, and that gap appears to be widening, according to a report released yesterday.
Cambridge saw $305 million invested in 30 deals over the last quarter and $991 million in 122 deals over the past year, according to industry tracker CB Insights.
Compared to the four prior quarters, the city saw a 5 percent increase in funding and a 27 percent increase in deal volume, the better predictor of regional health because it's less prone to dramatic shifts from an atypically large deal.
"Obviously there's a big university component in Cambridge, with a lot of smart, young talent and a lot of venture capital firms setting up shop there because of that," said Anand Sanwal, co-founder of CB Insights.
Boston had $129 million in 22 deals over the last quarter and $541 million of funding in 63 deals over the past year, the report found.
The four most recent quarters were down 13 percent in the number of deals in Boston versus last year, but funding was up 8 percent.
Dot Joyce, a spokeswoman for Mayor Thomas M. Menino, said Boston has a "robust" economy that continues to grow and attract new business in financial services, higher education, health care and biotechnology and tourism.
"While it is great to compete with each other," Joyce said in a statement, "the truth of the matter is what is good for Cambridge and what is good for Boston benefits the entire state and region."
The report also found that Cambridge and Boston are drawing venture investment away from Route 128 stalwarts Woburn and Waltham, where several venture capital firms have set up shop.
"Cambridge and Boston have ascended, while Waltham and Woburn have diminished," Sanwal said.
Waltham, for example, had $292.8 million in 12 deals over the last quarter and $611.8 million in 41 deals over the past year, while Woburn had $5.6 million in two deals over the last quarter and $59.7 million in nine deals over the past year.
"Compared to those cities and Boston, Cambridge has the benefit of Harvard and the Massachusetts Institute of Technology, with many startups by students and a great density of office and lab space and therefore the most appropriate infrastructure for startups," said Michael Greeley, general partner of Flybridge Capital Partners, a Boston venture capital firm. "The action is really where the young entrepreneurs are."
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