Deals leveraged $367.2 million in outside capital in the first quarter of the fiscal year
New Haven, Conn. – October 31, 2024 – Connecticut Innovations (CI), Connecticut’s strategic venture capital arm, today announced that it invested approximately $19.4 million in 29 companies and venture funds during the first quarter of its fiscal year, ending September 30, 2024. CI’s investments leveraged $367.2 million in outside capital and generated $8 million in proceeds during the quarter.
CI invested $8 million in climate tech, $4 million in the consumer space and another $3.6 million in healthcare companies. The approximately $4 million remaining was distributed between technology and venture funds.
“We had a very active first quarter of the year,” said Matt Storeygard, senior managing director of investments. “We’ve been able to find new investment opportunities, and with the help of the State Small Business Credit Initiative (SSBCI) funding, we have invested in seven new companies during the quarter.”
“Climate tech continues to be an important area of investment for CI,” said Konstantine Drakonakis, managing director of investments. “Over the quarter, we added new climate tech companies to our portfolio like Nimbus Power Systems and Oxylus Energy, and invested follow-on dollars in Bright Feeds and Budderfly.”
In FY25, CI has had 39 angels invest $7.6 million in 16 qualified Connecticut businesses through the Angel Investor Tax Credit Program.
About Connecticut Innovations
Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. By offering equity and debt investments, strategic guidance and introductions to valuable partners, we help promising businesses to thrive. For more information, please visit http://www.ctinnovations.com.