Follow the Dealflow
I've subscribed to Redherring, VentureWire and InternetVCWatch (added on 10/17/00) to get my daily dose of private funding information. While VentureWire is usually faster at announcing deals, RedHerring will take the time to call CEOs and add some comment or additional info (managers salaries, monthly burn rate, competition). RH also covers Europe better, with all our innovative startups ;-( (does this emoticon exist? Meaning: take my desillusioned hint.)
For aggregation of most VC info sources, there's Grokked (added 10/21/00.)