Venture capital fundraising continues to grow, as the industry is becoming increasingly concentrated around a handful of firms.

The number of venture capital funds fell from 46 in the third quarter of 2011 to 37 in this year's third quarter. But the total money raised actually increased--rising to $4.73 billion from $2.45 billion a year ago, according to the latest data from Dow Jones LP Source.

More than half ($2.73 billion) of the money raised in the past quarter went to five firms, the Wall Street Journal reports. Each of those five firms rasied funds of more than $300 million, with Sequoia Capital raising the largest one at $950 million. New Enterprise Associates finished funding its $2.6 billion fund. Rounding out the top five were funds from GGV Capital, Tenaya Capital and Mayfield Fund.

Burrill & Co. raised the final $192 million of its $505 million fourth fund. Avalon Ventures raised $201.6 million toward its tenth fund--which has a $250 million cap--and Foundry Group closed its third, $225 million fund.

Fundraising for this year is already outpacing that of 2011. In the first nine months of last year, venture capital funds raised $12.68 billion, the Journal says. Through the third quarter this year, funding is at $17.51 billion.

But with few acquisitions and an unstable IPO market, outlook for the fourth quarter is uncertain, according to the Journal.