Venture capital investment in European consumer internet companies has surged during the past year, according to new figures published today.

In the UK, early-stage funding for internet companies increased more than threefold from £24m ($47m) in 2005 to £79m in 2006, according to figures compiled by First Capital, the venture capital fundraising company. Two web companies received venture capital money in 2005 while 21 received funding in 2006.