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August 21, 2023

CT Innovations invests $42.2M in 2023

HBJ PHOTO | STEVE LASCHEVER Connecticut Innovations CEO Matt McCooe.
By Skyler Frazer

Connecticut Innovations invested more than $42 million in startup technology companies in the last fiscal year, according to the organization, while generating more than $38 million through company exits.

Connecticut Innovations (CI), the state’s quasi-public venture capital arm, invested $42.2 million in 71 companies during the 2023 fiscal year, which ended June 30. Those investments attracted an additional $454.5 million in outside capital into portfolio companies, CI said.

The 2023 fiscal year also generated $38.2 million in cash proceeds through company exits, CI said, which included acquisitions and initial public offerings.

CI had 122 angels invest $15.6 million in 44 qualified businesses through its Angel Investor Tax Credit Program, the organization said.

In January, CI launched the $50-million Future Fund to support diverse companies with growth potential. The Future Fund will provide investments ranging from $250,000 to $1.5 million and will introduce early-stage companies to a network of investors. The goal of the new fund is to increase investment in venture capital-backed startups led by underrepresented groups including women, Black, Indigenous, and people of color, LGTBQ, veterans and the disabled.

The $100 million ClimateTech Fund launched earlier in the fiscal year, earmarking funds for climate technology-related startups. The goal of that fund is to annually invest in 15 to 25 companies, including early- and late-stage deals with investments ranging from $150,000 to $2 million.

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