NEW HAVEN, Conn. (PRWEB)
May 24, 2023
Connecticut Innovations (CI), the venture capital arm of Connecticut and the leading supporter of innovative and growing companies in the state, has announced that it has invested $7 million in early-stage companies and funds of funds during the third quarter of the fiscal year that ended on March 31, 2023.
CI has invested nearly $2 million in healthcare companies and another $2 million in the consumer sector, while allocating the remaining funds equally among climate tech, technology, and venture funds.
The investments came with an additional $88.7 million in outside capital. The largest investments of the quarter went to Athletic Brewing Holdings, Smart Feed Tech, and Driver Technologies Inc.
Matt Storeygard, the senior managing director of investments, said, “Even with reduced investment activity over the quarter, we are finding great opportunities. The companies in our portfolio continue to meet their growth milestones and have success, even in a challenging market.”
Peter Longo, the senior managing director of investments, stated, “We often get asked how we invest in a bear market. Our job at CI is to make sure our companies weather the storm and feel supported with access to capital, key introductions in the network, and talent acquisition services.”
Through the Angel Investor Tax Credit program, CI had 78 angels invest $8.7 million in 34 qualified Connecticut businesses. Additionally, 25 angels invested $2.5 million in two cannabis social equity companies.
So far this year, CI has invested a total of $25 million and leveraged $319 million.
About Connecticut Innovations:
Connecticut Innovations (CI) is a strategic venture capital arm in Connecticut that provides financing and ongoing support for innovative and growing companies in the state. CI offers venture capital and strategic support for early-stage technology firms, financial support for innovation and collaboration, as well as connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.
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