Connecticut Innovations Invests $13.5 Million in Early-Stage Companies in FY 2022 Q3

By Heath Fellows.
Updated Jun 29, 2022

NEW HAVEN, Conn. (PRWEB) June 29, 2022 - Connecticut Innovations (CI), Connecticuts strategic venture capital arm and the leading source of financing and ongoing support for Connecticuts innovative, growing companies, today announced that it invested $13.5 million across 34 transactions during the third quarter of its 2022 fiscal year, ending March 31, 2022.

Looking at investment breakdown, CI directed approximately $4.9 million toward healthcare companies, while $4.1 million was allocated across the technology sector. The remaining investment funds spanned areas such as climate-tech, consumer, and venture funds.

We are seeing a rightsizing of the market, which will affect the companies in our portfolio over the next several years, said Matthew Storeygard, senior managing director of investments at Connecticut Innovations. However, we continue to see tremendous progress with our portfolio companies, and we look forward to helping them grow as we near the end of the fiscal year.

There was an additional $96.7 million leveraged in outside capital during the third quarter.

This quarter, we invested in almost 10 new companies, while continuing to do follow-on investments for growing companies in the state, said Peter Longo, senior managing director of investments at Connecticut Innovations. We also participated in deals where we leveraged our dollars with other strong syndicates of investors.

Additionally, CI has had 173 angels invest $12.3 million across 44 qualified Connecticut businesses through the Angel Investor Tax Credit program year to date.

About Connecticut Innovations: Connecticut Innovations (CI) is Connecticuts strategic venture capital arm and the leading source of financing and ongoing support for Connecticuts 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.