VC Market Is on Pace for Strongest Year Since Dot-Com Era

Venture capitalists are spending cash at levels not seen since the dot-com era, and they’re raising money at a pace to match.

Last quarter, VCs spent $27.3 billion in the U.S., according to a report set for publication Tuesday by research firm PitchBook and the National Venture Capital Association, a trade group. That’s the most in any second quarter since the group began tracking quarterly data more than a decade ago. Combined with a record-setting first quarter, the VC market had its strongest first-half-year performance since 2000.