Connecticut Innovations Invests $7 Million in Early-Stage Companies in Q3 FY 2023

Deals leveraged $88.7 million in outside capital in the third quarter of the fiscal year

New Haven, Conn. – Wednesday, May 24  – 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 $7 million in early-stage companies and fund of funds during the third quarter of its fiscal year, ending March 31, 2023.

CI invested approximately $2 million in healthcare companies and directed another $2 million throughout the consumer sector. The remaining funds were distributed evenly across climate tech, technology and venture funds.

The investments leveraged an additional $88.7 million in outside capital. CI’s largest investments of the quarter went to Athletic Brewing Holdings, Smart Feed Tech and Driver Technologies Inc.

“Even with reduced investment activity over the quarter, we are finding great opportunities,” said Matt Storeygard, senior managing director of investments. “The companies in our portfolio continue to meet their growth milestones and have success, even in a challenging market.”

“We often get asked how we invest in a bear market,” said Peter Longo, senior managing director of investments. “Our job at CI is to make sure our companies weather the storm and feel supported with access to capital, key introductions in the network and talent acquisition services.”

Through the Angel Investor Tax Credit program, CI had 78 angels invest $8.7 million across 34 qualified Connecticut businesses. There were an additional 25 angels who invested $2.5 million in two cannabis social equity companies.

In FY23, CI has invested $25 million and leveraged $318.2 million year to date.

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