Venture capital deal flow and total deal value fluctuated from 2010 to 2013. The number of deals and total value peaked in the fourth quarter of 2010 and first quarter of 2012, reaching over 1,000 deals and $12 billion in total value. Deal numbers and values declined in subsequent quarters, falling to their lowest points in the third quarter of 2011 and second quarter of 2013, with under 600 deals and $4 billion in total value. Overall, venture capital investment activity varied substantially each quarter during this four year period.