Venture capitalists made fewer bets in the US last quarter, while putting a larger proportion of their money into the most mature private companies, according to research firm PitchBook Data.

The findings show that venture investors are trying to play it safe by backing proven businesses, making it more difficult for newer start-ups to find capital.

Last quarter had the fewest number of venture deals in four years. Funding rounds dropped 12 per cent compared with the fourth quarter of 2015, when startup funding began to slow.

Investments totaled $17.7 billion in the first quarter of 2016, about flat with the prior period. More than half of that went to late-stage companies.

Private investors are expressing skepticism as start-up valuations have skyrocketed. Mutual fund companies have written down the value of their stakes in numerous technology companies since last year. Start-ups are staying private longer, leaving fewer options for shareholders to cash out. No tech company went public last quarter, and many of those that did in 2015 have gotten off to a rocky start.

In other countries, there’s plenty of money to go around. Venture capital investments in China and India surged in the first quarter, jumping about 50 per cent, according to consulting firm Preqin.

While competition for capital among younger US start-ups intensifies, larger ones have been able to keep raising megadeals.

Lyft, the largest US ride-hailing company behind Uber, said it raised $1 billion in January. Messaging app Snapchat raised $175 million from Fidelity Investments last quarter.

And large funding rounds are expected to continue. Gaming startup Unity Technologies. is seeking an investment that would value the company at $1.5 billion.Meanwhile, US venture capital firms saw their own fundraising decline 9.4 per cent to $10.6 billion last quarter, according to PitchBook.

However, the number of venture funds that closed last quarter increased 19 per cent.

Bloomberg