Venture capital investment in early-stage European companies nearly halved in the first six months of this year to €2.4bn ($2.3bn) compared to the second half of 2001, according to new survey.

Investment levels are also more than 60% down from the same period last year, said the survey from Ernst & Young, the accountancy house, and Venture One, the venture capital research firm. The €2.4bn compares to €5.7bn of investment during the first half of 2001.