Fund looks to invest in disruptive companies and diverse teams in Connecticut
New Haven, CT – (January 26, 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 the launch of a new fund to support companies across various industries and with diverse teams. The Future Fund is a $50 million fund committed to investing in early-stage companies, with an emphasis on underrepresented founders.
The Future Fund is looking to invest in venture-backable, tech-enabled startups showing high growth potential. Investment sizes will range from $250,000 to $1.5 million. Although the fund will prioritize disruptive startups in the largest and growing markets, any innovative, early-stage company with diversity at the board or executive level may apply for consideration.
In addition to other funds and programs managed by CI, the Future Fund was created to encourage investment activity around new and diverse ideas, people and industries in Connecticut. CI is committed to increasing and supporting leadership diversity throughout the state’s innovation ecosystem and empowering founders as they build groundbreaking businesses. The Future Fund will provide both capital and strategic support to these companies, while introducing them to a network of other creative founders and investors who champion diversity.
“We understand how challenging it can be to raise funds as a founder of a startup,” said Governor Ned Lamont. “It is even more difficult for underrepresented founders to access the capital they need to grow and succeed. The Future Fund was created to provide a springboard for companies with underrepresented founders and teams, and to support early-stage companies with capital and network introductions that help to level the playing field.”
“With the launch of CI’s Future Fund, we now have the dedicated resources to find and attract companies with diverse founders, talent and ideas,” said Matt McCooe, CEO of Connecticut Innovations. “We are eager to establish the Future Fund by building its portfolio with companies that can provide global impact, scale rapidly and enhance Connecticut’s reputation as a leading tech hub.”
CI will host a launch event in spring 2023 to provide more information about the fund and bring together Connecticut’s top investors and entrepreneurs for a day filled with keynote speakers, thought leadership panels and networking opportunities.
“This fund embraces diverse teams and industries,” said Alison Malloy, managing director of investments at Connecticut Innovations. “This capital will help companies with high growth potential to scale faster and support the growth of early-stage companies in our ecosystem. We are looking to invest in companies that have the potential for high impact in the future and recognize the importance of prioritizing underrepresented teams.”
To learn more about the Future Fund, visit https://ctinnovations.com/future-fund/.
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 www.ctinnovations.com.