Seattle venture-capital activity is among the fastest growing

In the world of venture capital, the Seattle area is dwarfed by the frenetic activity of Silicon Valley and Massachusetts. But the Emerald City was the third-fastest-growing U.S. investment hub of the past 10 years, according to a report by PricewaterhouseCoopers and the National Venture Capital Association.

The study, known as the MoneyTree Report, indicated local startups raised some $1.25 billion in 2007, up 211 percent since 1997.

Two other areas, New Mexico and Pittsburgh, showed even faster growth over the decade, but the level of investment they attract is far smaller than Seattle's.

"It's growing along nicely," said Chad Waite, a director with Kirkland-based OVP Venture Partners.