After a dip to $4.6 bln in Q3 2004, venture capital investing in Q4 2004 rebounded to $5.3 bln, which is the approximate quarterly average of the last two years, according to PriceWaterhouseCoopers. Q4 2004 marked the 11th consecutive quarter of venture investing in the $4-6 bln range. Venture capitalists also reversed a three-year downward trend by investing $20.9 bln into 2,876 deals in 2004. The annual investment level fell every year beginning in 2001, culminating in a six-year low of $18.9 bln in 2003. The increase in 2004 was largely attributable to late stage investments jumping to $7.2 bln in 2004 compared to $4.9 bln in 2003.