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Venture capital up, up, up, according to Dow Jones; Entrepreneur forming YC Reject for YC rejects
U.S. venture funds raised $7.7 billion in the first quarter of 2011, almost double the $3.9 billion collected in the first quarter of 2010 and the highest first-quarter total since 2001, according to Dow Jones LP Source.
Level 3 Communications, an international provider of fiber-based communications services, will acquire Global Crossing, a global IP, Ethernet, data center and video solutions provider, for approximately $3 billion in stock.
Mobile developers Pushlife have been acquired by Google for a reported $25 million.
Google announced the launch of Umbono, a new technology incubator, which will be based in Cape Town, South Africa.
Text messaging app WhatsApp has raised $8 million in funding from Sequoia Capital and others, according to unnamed sources.
Silicon Valley entrepreneur Allan Teruel is organizing YC Reject, a project still deep in its infancy but designed to be a fallback option for five or so startups that didn’t make the cut for Y Combinator. The weekly dinners, the talks from successful and experienced founders, the investor and press-loaded demo days, even the funding--Teruel wants YC Reject to emulate everything great about the real YC.
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