Hardly surprising to see that the major headlines coming out of the release today of the Cleantech Group's Q1 numbers focused on the top-line dollar count -- $2.57B!
But here's what you need to read in that:
1. Yes, deal dollars were up, but deal counts were way down.
As we've talked about for a while now, cleantech VCs are continuing to shift to later-stage companies. In fact, 93% of dollars in the quarter went into follow-on rounds. That bears repeating: Only 7% of cleantech venture dollars tracked in the first quarter were for first rounds.
This is not a sign of health for the sector. It's not a sign that VCs are actively putting money into the sector. Rather, it's a sign...