February 8, 2019

Forbes: CI a top investor in healthcare startups

HBJ PHOTO | Steve Laschever
HBJ PHOTO | Steve Laschever
Connecticut Innovations Chief Investment Officer Dave Wurzer, left, and Chief Executive Officer Matthew McCooe, right.

Connecticut Innovations (CI), the state's quasi-public venture capital arm, made the seventh most investments in healthcare startups in 2018, according to Forbes.

Rocky Hill-based CI, which is embarking on its fourth annual VentureClash pitch competition in 2019, made 20 investments in 2018 during a record year for venture capital investing in the healthcare sector.

CI's investment activity last year, Forbes says, was highlighted by a $55 million financing round for New Haven biotech company Arvinas LLC and a $37 million fundraise for bioscience startup Rallybio, a Farmington company co-founded by former Alexion employees.

In 2018, CI leveraged total capital worth $155.7 million that supported 166 companies -- with assets of $170.8 million -- and more than 19,600 jobs.

Forbes' top 10 list includes CI with a cast of other venture capital funders that operate in large startup markets in California and New York.

Meantime, CBInsights Research currently lists CI as the most active venture capital firm in Connecticut and is regularly ranked by Crain's as one of the most active firms on the East Coast.

CI is led by CEO Matthew McCooe; David Wurzer, executive vice president and chief investment officer; and Philip Siuta, chief operating officer and chief financial officer.

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