Venture capital (VC) investment increased 23% in Q1/04 due to several large deals but the amount of capital raised declined by 42% compared to the same quarter in 2003, according to the latest data released by the Canadian Venture Capital Association (CVCA). Quarterly investments were $401 million compared to $325 million one year earlier, while new capital dropped from $1 billion to $589 million. Larger deals drove the increase in investment activity, with the 10 largest accounting for 59% of the Q1/04 total, compared to 16% for all of 2003. Non-Canadian VC also took a larger share of the quarterly total — $241 million compared to just $61 million in Q1/03. Biopharmaceuticals accounted for $176 million or 44% of Q1/04 investments….