Unicorns are “breeding like rabbits” and venture capital funding in the U.S. is on track to reach dot com-era levels, according to a new report on global VC funding.

Funding to VC-backed companies worldwide this year stands at $60 billion and could overtake the total funding of $88.3 billion in 2014, which itself was a multiyear high, according to the Venture Pulse Q2 report from venture capital database CB Insights and advisory firm KPMG LLP. The inaugural report is slated to come out quarterly.

There is no data in the report to prove the existence of any sort of bubble, according to CB Insights CEO and founder Anand Anwal. Still, “the level of private market frothiness remains high,” he writes in an email.

In the U.S., that frothiness might look like venture capital funding as high as $70 billion in the U.S. in 2015, comparable to dot-com era levels, a CB summary of the findings stated.

The second quarter of 2015 saw the emergence of 24 new unicorns, or VC-backed companies valued at more than $1 billion, compared to just nine in the second quarter of 2014.

The U.S. takes credit for 12 of these new unicorns, and Asia 9 of them. The report cited Zenefits, Oscar Health Insurance and MarkLogic as among those new highly-valued startups.

“The explosive growth of Unicorns is being spurred by the continued availability of late-stage deals -– in particular, new capital sources including hedge funds, mutual funds and sovereign wealth funds,” the report states.

California is leading growth in the U.S. with $11.4 billion invested in VC-backed companies in Q2, more than five times the level of investment New York saw.

Figures from Dow Jones VentureSource reported that U.S. startups raised a collective $19 billion in 1,034 separate deals in the last quarter –- a level of funding not seen since Q3 of 2000.

Published on: Jul 23, 2015