Deals leveraged $120.7 million in outside capital in the second quarter of the fiscal year
New Haven, Conn. – February 5, 2025 – Connecticut Innovations (CI), Connecticut’s strategic venture capital arm, today announced that it invested approximately $7.8 million in 17 companies and venture funds during the second quarter of its fiscal year, ending December 31, 2024. CI’s investments leveraged $120.7 million in outside capital and generated $12.0 million in proceeds during the quarter.
CI invested approximately $5 million in the healthcare space, and $2 million in venture funds. The remaining funds were distributed between technology and climate tech.
“Over the past two years, CI has prioritized our Human Capital Services program to help our portfolio companies find and hire the right candidates. Throughout this fiscal year, beginning July 1, 2024, we have directly managed 71 hires, with 68% of those hires having a Connecticut presence,” said Bo Bradstreet, talent acquisition director at CI. “This February, we are also hosting our first CI Talent Fair to connect top-tier students from local universities with our companies actively seeking emerging talent. This event will help build new talent pools for our portfolio and keep our best and brightest right here in Connecticut.”
In addition to venture investing, CI also administers the Angel Investor Tax Credit Program. In FY25, 121 angels invested $12 million in 27 qualified Connecticut businesses through the Angel Investor Tax Credit Program.
“CI administers the Angel Tax Credit Program for Connecticut, which has nearly met its capacity for the fiscal year ending June 30, 2025,” said Matt Storeygard, senior managing director of investments. “This is another great indicator of the interest investors have developed in early-stage companies throughout the state.”
The program will reopen applications on April 1, 2025.
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.