Venture capitalists invested over 13 billion dollars in companies in emerging countries, including India

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and China, in 2008, much higher than their previous bets, even as global economic situation continued to deteriorate at a faster pace.

Venture capitalists (VCs)continued to seek out investment opportunities outside the US in 2008, as they put more than 13.4 billion dollar to work in 1,416 deals for emerging countries including India, China and Israel last year, as per global data provider Dow Jones VentureSource.

VCs, who invest in startups and small businesses, raised investments by nearly five per cent from over 12.8 billion dollar in 1,711 deals outside the US in 2007.

"The venture capital industry continues to rapidly globalise as investors are eager to find and tap new areas of innovation, especially in emerging economies like China and India," Dow Jones VentureSource Director of global research Jessica Canning said.

VC investments in India-based companies rose three per cent to

864 million dollar in 2008 with 80 deals completed. Last year, they had put in 842 million dollar in 85 deals.

In India, majority of investments went to its business and financial services companies, which garnered a record 368 million dollar in 26 deals in 2008.