Venture Capital Confidence Hits Two-Year Low The second-quarter Silicon Valley Venture Capitalist Confidence Index was released on Tuesday.

By Ari Levy

This story originally appeared on CNBC

There's no tangible evidence that air is coming out of the tech start-up market, but its financiers are nonetheless expressing some concern.

According to a quarterly gauge of investor sentiment, confidence among venture capitalists dropped to a two-year low in the three months ended June. Sky-high valuations continue to be an issue, and economic rifts around the globe are increasingly on investors' minds.

"Uncertainty over the entry of new types of investors, the rising cost of doing business in Silicon Valley and the potential fallout of macro environment issues (e.g., China, E.U.) also gave pause to some venture investors," according to the second-quarter Silicon Valley Venture Capitalist Confidence Index, released on Tuesday.

The index, based on a June 2015 survey of 28 Bay Area venture investors, scored a 3.73 out of 5, declining from 3.81 in the first quarter and reaching the lowest since the first three months of 2013. Confidence now sits at its 11-year average, the report said.

Still, fundraising has yet to show any sign of slowing. In fact, venture investors poured $17.5 billion into start-ups in the second quarter, the most in any period since the dot-com bubble in 2000, according to the National Venture Capital Association.

And investors interviewed for the confidence index showed plenty of optimism. The talent in tech, increased number of funding sources and penetration of technology into every industry were some of the reasons given.

For the skeptics, Allegis Capital's Bob Ackerman summed up the myriad concerns.

"The unprecedented fundraising and valuations associated with so-called `unicorns' and the knock-on effects for the venture ecosystem in terms of broader market expectations around valuations, compensation and all aspects of the costs of doing business for venture companies gives reason for substantial pause," he said in the report. "Expectations are beginning to outpace reality."

Ari Levy is CNBC's senior technology reporter in San Francisco.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Science & Technology

7 AI Tools to Build a Profitable One-Person Business That Runs While You Sleep

Smart systems to help solo founders scale fast.

Starting a Business

I Had 'Too Much Experience' to Find a Job. So I Used Facebook to Start a Small Business That's Making About $500,000 a Year.

After Amber Starling moved to Manhattan, Kansas, a frustrating job search led to a life-changing business opportunity.

Business News

Most Major Retailers Are Open on Memorial Day, Except One. Here's What's Open and Closed This Monday.

From grocery stores to warehouse retailers, here's what to know about Memorial Day closures.

Science & Technology

Get 8 Essential Microsoft Office Apps For One Low Lifetime Price

Secure your own Microsoft Office Professional 2021 for Windows license for just $50 for life.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

'I Run My House Like a Military Operation': Skims Chief Emma Grede Says This Is Her Precise Daily Routine

Grede is a CEO, founder, and serial entrepreneur. Here's how she prioritizes her day.