In recent months, it might seem as if investors have fallen in love with risky corporate bets. For as central banks have pumped eye-popping sums into the system, spreads on high yield bonds and leveraged loans have collapsed, as investors have gobbled up that risk.

But, amid this buying frenzy, there is one corner of the corporate capital markets which is notably not feeling loved: venture capital. America’s National Venture Capital Association this month held its annual conference, where it unveiled its latest funding data, compiled with MoneyTree and PwC.

That data were dismal. In the first three months of this year, a mere 35 US venture capital funds raised just $4bn of funds – 12 per cent lower than a year before. And that in itself followed a lousy year: in 2012, venture capital raised a mere $28bn of funds, a quarter of the amount of money that was raised in 2000 and half the levels seen in the late 1990s.