Venture capitalists are voting with their wallets for 2008, and it looks like a Democratic landslide.
In the political fund-raising battle, Democrats have hauled in $2.4 million, or 63 percent, of the contributions from individuals and political action committees connected to the venture capital industry. Republicans, by contrast, have gotten $1.4 million, or 37 percent.
The numbers, published by The Center for Responsive Politics, reflect a historic shift in VC giving. Though Democrats have a 52-47 edge in VC contributions since 1990, the ongoing 2008 cycle marks the first in which giving to Democrats has exceeded 60 percent. The previous highs were in 1998 and 1992, when Democrats got 57 percent.
Since 1990, VCs have leaned Republican in 1994, 1996, and 2002, the year of the biggest GOP swing at 62 percent.
The shift comes after the Democrats took control of the House and Senate in 2007 and as Congress considers bills that would tax carried interest—the profits from venture capital and other private-equity funds—at the ordinary income rate of about 35 percent rather than the 15 percent capital gains rate in place now.
The latest election funding data was released by the Federal Election Commission on October 29.
The top contributor was the National Venture Capital Association, which donated $365,500 split 54 percent Democratic and 46 percent Republican. Dixon Doll, incoming chairman of the NVCA, also is general partner at DCM, an investor in Red Herring.
Other firms were far more lopsided in their giving. No. 2 contributor Kleiner Perkins gave 94 percent of its $147,400 to Democrats, while Hummer Winblad, the third largest donor put all its eggs in Democratic baskets.
Other marquee VCs in the Democratic camp were Khosla Ventures ($82,100 to both parties, 97 percent to Democrats) and Charles River Ventures ($59,630, 100 percent). Prominent Republican givers included Sequoia Capital ($67,000, 95 percent) and Apax Partners ($52,600, 100 percent).
Top recipients of the VC industry’s largesse are presidential candidates Barack Obama (Democrat, $349,074), Mitt Romney (Republican, $289350), Hillary Clinton (Democrat, $235,000) and Rudolph Giuliani (Republican, $178,400).
Top recipients of money from VC political action committees are New York Democrats Joseph Crowley ($10,000) and Charles Rangel ($8,000), both of whom sit on the House Ways and Means Committee, which would review any changes in the carried-interest tax.
Giants in the computer/Internet sector also were swinging Democratic, according to the latest figures. Democrats got $5.9 million, or 62 percent, versus $3.7 million, or 38 percent, for Republicans.
Leading the way was No. 1 giver Microsoft, whose $661,251 was split 67-33 to Democrats and Cisco Systems, whose $491,738 went 66-44. Google skewed even further Democratic, giving 80 percent of its total $240,660 to Democrats.
Among the top 20 computer/Internet companies, only No. 5 Intel, No. 12 Dell, No. 13 EMC, No. 18 Compuware and No. 20 Radiance Technologies gave more to Republicans than Democrats.