We discuss the importance of patenting to the venture capital investor in high-technology firms. While literature suggests that patenting will have an impact on the nature and level of investment, the investors themselves are keen to suggest otherwise. We investigate this issue by the use of new primary-source empirical data, gathered by fieldwork methods. Our results help explain a link between the existence of patenting and the level of investment made. We further support our analysis with illuminating quotes from investors currently active in the field.