Deals leverage more than $454 million in outside capital; CI generates $38.2 million in proceeds through company exits
New Haven, CT – August 18, 2023 – Connecticut Innovations (CI), the state’s strategic venture capital arm and the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, today announced it invested $42.2 million in 71 companies in the fiscal year ending June 30, 2023. CI’s investments also attracted an additional $454.5 million in outside capital into its portfolio companies.
This fiscal year generated $38.2 million in cash proceeds through company exits, which includes acquisitions and IPOs, which will allow CI to invest in more early-stage companies in the future.
“Despite a shift in the capital markets this year, CI continued to put new dollars to work, and our companies demonstrated the ability to grow and succeed in a tightened environment,” said Peter Longo, senior managing director of investments at Connecticut Innovations. “While we continue to identify potential challenges ahead, we also know promising companies solving real-world business issues will continue to realize success.”
During the fiscal year, CI also officially launched two new funds, the $100 million ClimateTech Fund and the $50 million Future Fund, both of which are actively deploying dollars into early-stage companies. In addition to these new funds, CI launched the Innovation Lab to match and fund pilots between state agency partners and CI’s scalable portfolio companies, expediting the pilot-to-procurement process for innovative technologies.
“This past year was another active and record year for CI and its portfolio companies,” said Matt Storeygard, senior managing director of investments at Connecticut Innovations. “This year, CI launched two new funds, which helped us maintain our investment momentum, and we introduced two new programs – one focused on talent recruitment and the other focused on new customer engagement – which had an immediate and positive impact on our companies.”
Throughout FY23, CI had 122 angels invest $15.6 million in 44 qualified Connecticut businesses through the Angel Investor Tax Credit Program.
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.