Venture capital investment almost vanished in the first quarter of 2007, registering its lowest level of activity in the capital in over a decade, according to a report by OCRI’s Entrepreneurship Centre. With but a single venture deal disclosed – $8 million going to software company Trigence – the opening three months of the year were an unqualified disappointment, especially following the bountiful closing quarter of 2004, which saw $85 million flowing from the VC community to Ottawa companies. As of March 31, the trailing 12-month disclosed investment total was $235.5 million, 10% less than the average annual investment rate since 2003. “First quarter activity levels are somewhat disappointing, however sluggish activity at the beginning of a year is not abnormal and this quarter appears to be no different,” says Stephen Daze, executive director of the Entrepreneurship Centre. “Gaining access to capital remains a challenge across the Canadian market as a whole, while local Ottawa VCs continue to focus on re-investing within their current portfolio.”