Initial public offerings by venture capital-backed companies soared to their highest level since Google's debut nearly three years ago, as the volume of flotations globally also rose.

Eleven venture capital-backed companies raised $1.6bn (€1.2bn) in May setting a new record since 2004, according to data from Thompson Financial and the National Venture Capital Association. In October 2004, initial public offerings for venture capital-backed companies rose to $1.9bn largely on the strength of the Google debut.