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This paper analyzes how VC firms evaluate the patent portfolios of start-up companies in their financing decisions. On one hand, we determine whether the amount of VCs' financing is associated with three dimensions related to technological portfolios: patent counts, patent scope and the number of core technology patents. On the other hand, we examine whether the valuation of patents in the financing decisions varies across different types of VC firms, depending on their degree of industry specialization and affiliation. We provide empirical evidence from a sample of 332 VC-backed companies in the nanotechnology sector.