What is the ClimateTech Fund?

The ClimateTech Fund will invest $100 million in innovative companies that are tackling climate change through:

  • Mitigation (preventing and reducing emissions)
  • Adaptation (adjusting to current and future climate impacts) or environmental protection, health and safety

The Fund will invest across climate tech verticals, including but not limited to energy, mobility, circular economy, water, food/agriculture and more. The Fund intends to invest in 25 companies over a 10-year investment period. Seed-stage through later-stage (series B/C) investments will be considered for funding, as well as venture funds based in CT or open to relocating here.

Funded companies will receive ongoing strategic support from CI’s experienced investment team, which has already built an active climate tech portfolio, including Budderfly, Cadenza, Enviropower, Greenworks Lending, Tantalus, CoolIT Systems and more.

Who can apply?

Any early-stage or growth company focused on climate change located in Connecticut or interested in building a presence in the Northeast may apply. Climate-change-focused companies that are not currently in state but are interested in growing jobs here will be expected to establish some Connecticut presence as part of a CI investment opportunity. Venture funds/firms in CT or those looking to move their headquarters to Connecticut are also encouraged to apply.

When is the application deadline?

Applications are accepted and reviewed on a rolling basis; there are no deadlines.

Is this funding an investment we would have to pay back, or a grant?

The funding is an investment by Connecticut Innovations—not a grant. CI can participate in priced equity rounds, convertible notes, SAFEs (Simple Agreement for Future Equity), and other equity and blended debt instruments.

What size are these investments? How are the terms of repayment defined?

An initial investment amount will almost always range between $150,000 and $2 million in a given financing round capped at $20 million. No personal guarantee is required.

How does my company begin the process?

To begin the process, submit the requested information here. You will be contacted by Connecticut Innovations staff within one week. You’ll be required to upload a pitch deck.

What should be included as part of the investor deck?

The presentation should include references to the company’s leadership and team, technology/product, potential climate impact, value proposition, target market size, go-to-market strategy, business model and fundraising plan.

How should I prepare my financials?

Financials should include the most up-to-date balance sheet, cash flow and income statements if available. Companies should provide a forecast detailing expected sources and uses of funding.

Is a business plan required? What should it include?

You are not required to submit a business plan. If you choose to include one, it should include, at a minimum, an executive summary, value proposition, business structure, market strategy, details about your leadership team and the financial state of the company.

How long does the process take, from initial contact to when we learn if we are approved?

CI will contact you within a week of receiving your materials. If we move forward with due diligence, the investment process will take anywhere from two to four months (as is the case with almost all investment firms). The length of the investment process depends on your team’s relevant experience, the size of the market, the uniqueness of the product offering, the value-add of the investment and other factors.

Do you require a cash match from another funding source or sources?

Connecticut Innovations prefers to be no more than one-third of a syndicated round. Companies are required to have co-investors to ensure that outside capital and expertise will be leveraged.