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Mobile accounts for 40% of VC tech backing in 2011
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Mobile accounted for 42.4% of all VC investments in the tech sector last year, according to data from Rutberg & Co, up significantly from 30.4% the previous year and powered by the growing market for mobile applications. The report says total funding into mobile rose from USD4.8bn in 2010 to USD6.3bn, outpacing increases in the wider market. Consumer apps, including games and social media startups, boosted the growth, driven by a boom in smartphone and tablet ownership. A total of USD1.33bn was ploughed into the app market last year, including USD50.7m for Tango, USD50m for news aggregator Flipboard and USD42m Angry Birds creator Rovio. Overall, mobile investment fell just shy of 2006 figures, when mobile received a record USD6.4bn of backing from investors, but the sector is expected to continue attracting big bucks as tech firms scramble to tap the booming mobile audience.
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