As the economy teeters, finding venture capital finance promises to get tougher than ever. Tougher--but not impossible.

On Saturday, Dow Jones VentureSource released its latest data on the freeze beginning in the venture world. During the third quarter of 2008, $7.4 billion went into 583 deals--7% short of the $7.9 billion that went into 673 deals during the same time a year ago. It's also the second consecutive quarter of year-over-year declining.

Those numbers resonate with a gruesome "dead pig" slide show compiled by Sequoia Capital and shared with the companies in which it invests.

But some venture capitalists have been known to enjoy inducing a sense of panic among their competitors. In spite of its gloomy slide show, for instance, Sequoia raised more money in the third quarter of 2008 than any other single venture firm--a generous $925 million, according to a recent survey by Thomson Reuters and the National Venture Capital Association. (In total 55 firms raised $8.1 billion in funds).

Put another way: A total of 583 companies did receive $7.4 billion in funding in the third quarter--including tiny BillShrink. The seven-person firm, based in Redwood City, Calif., clinched $8 million in a series B funding round led by Trinity Ventures and Bessemer Venture Partners. The deal closed in early September.

BillShrink.com monitors the markets and helps consumers compare programs such as wireless plans and credit cards so that they can choose the best fit for their spending habits and lifestyle. It's a business that sounds increasingly attractive as consumers look for ways to clamp down on spending. "With today's economy taking a turn for the worse, it's especially important for Web technology to help consumers solve real-world problems," says Bessemer's David Cowan.

BillShrink itself also has to keep its expenses down, says Chief Executive Peter Pham. "One of the reasons we were able to raise capital is we launched the company with very little burn," Pham says. "We're 'BillShrink,' not bill spend. We have to live by our name."

"Investors often have the herd mentality so funding will be affected," notes Venrock Managing General Partner Bryan Roberts.

That will translate into job cuts. As of Friday, the number of companies that had announced layoffs was growing. These included several high-profile Web 2.0 firms including Zillow, Hi5 and Zivity.

Expect more layoffs to follow--but also that the bad news will be punctuated by stories of start-ups that do get funding. On Friday, news began to circulate that Ooyala, the video start-up founded by a couple of Google alumni, had also secured fresh funding.

"I'm confident in our business, but there's so much uncertainty in today's market," says Pham. "I'm glad we raised it when we did."

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