WHISTLING IN THE WIND: This just in: best way to get money into an industry is to prove you can get it out. The inverse of that rule? When IPOs and exits are weak, venture capitalists have a tough time raising funds. VCs raised a mere $1.72 billion in the third quarter, the lowest level since 2003, reports Thomson Reuters and the National Venture Capital Association. Top fundraising firms: Shasta Ventures Management which raised $265 million and medically-focused Longitude Capital Management, which raised $159 million. Among other deals, Shasta backs Smule, one of the most delightful iPhone apps out there.
