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HEARD ON THE BEAT / ECONOMY

Venture Capital Financing Nearly Doubles

September 17, 1997|Patrice Apodaca

Venture capital financing in Orange County surged to $80.9 million in the second quarter from the first-quarter's $44.7 million total, the accounting firm Price Waterhouse found.

The number of venture deals in the county also increased in the second quarter, from nine to 14 investments by venture capital firms in the first three months of the year.

The biggest recipient of venture funds was Costa Mesa-based Acme Broadcasting, a television broadcasting company that raised $21 million. Others included Johnny Rockets Inc., the Irvine restaurant chain, which received $15 million; Advanced Corneal Systems in Laguna Hills, an ophthalmic drug supplier that raised $15 million; and Orange-based Delos WomensHealth, a medical practice management firm with $10 million in new funding.

The amount of venture capital financing in Orange County is still a drop in the bucket compared with Silicon Valley, where 190 companies raised a total of $1.03 billion in the second quarter.

Patrice Apodaca covers economic issues for The Times. She can be reached at (714) 966-5979 and at patrice.apodaca@latimes.com

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