PORTLAND – Venture capital in Maine has only one direction to go – up.

A survey by PriceWaterhouseCoopers indicates venture capital money tapped by upstart companies in Maine in the fourth quarter was a resounding zero, compared to nearly $40 million for five companies in the previous quarter.

The MoneyTree Survey said the drop was sudden and steep, but kept with a national trend in which venture funding fell $15.4 billion nationwide.

But even with the fourth-quarter shutout, the state posted an impressive performance during 2000. Maine companies benefited from $109 million in venture funding, more than five times the $19.3 million figure from 1999, according to the MoneyTree Survey.

During the fourth quarter, technology companies and Internet-based businesses – those that generally benefit from venture capital – began to struggle and investors backed off.

Dan Hutchins, managing partner at the PricewaterhouseCoopers office in Portland, said he expects funding to pick up again. But he warned it may take nine to 12 months.