Deals leveraged nearly $36.8 million in outside capital in the second quarter of the fiscal year
New Haven, Conn. – February 2, 2023 – Connecticut Innovations (CI), Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, today announced that it invested $10 million in early-stage companies and fund of funds during the second quarter of its 2023 fiscal year, ending December 31, 2022.
In terms of investment breakdown, CI invested approximately $4 million in companies in the technology sector and $3 million in healthcare companies. The remaining funds were distributed across climate tech, consumer and venture funds.
The investments leveraged an additional $36.8 million in outside capital. CI’s largest investments of the quarter went to Hally Hair, Holisto and Populi.
“Although CI has anticipated market shifts, it’s critical for us to stay on track with expanding and supporting our portfolio,” said Matt Storeygard, senior managing director of investments. “We will continue actively deploying capital and seeking new investment opportunities.”
“The resilience of the early-stage companies we work with is remarkable,” said Peter Longo, senior managing director of investments. “Regardless of the environment, every day we work with companies that are growing, and we are here to assist with capital, talent acquisition services and customer introductions, which help them succeed in the state.”
CI had 47 angels invest $5.8 million across 23 qualified Connecticut businesses through the Angel Investor Tax Credit program. Additionally, there were 24 angels who invested $2.1 million in two cannabis social equity companies.
In FY23, CI has invested $18.9 million and leveraged $133.5 million YTD.
About Connecticut Innovations
Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.