CT Innovations invests nearly $49M in early-stage companies in FY24

Contributed

Write a Comment

Connecticut Innovations (CI), the state’s venture capital investment arm, said Wednesday it invested nearly $49 million in 70 startup companies and venture funds in the fiscal year that ended June 30.

The total investment of $48.6 million in 70 startups was an increase from a year earlier, when CI invested $42.2 million in 71 companies.

CI said its investments in fiscal 2024 also attracted another $1.1 billion in outside capital invested into its portfolio companies.

For the year, CI’s investments by sector included:

$14 million in health care
$10 in climate tech
$9 million in technology
$11 million in consumer
$5 million in venture funds

CI said it also had 202 angel investors provide $19 million to 47 Connecticut businesses through the Angel Investor Tax Credit Program. The program provides qualified investors with a 25% credit against Connecticut’s state income tax when they invest at least $25,000 in qualifying businesses.

Throughout the fiscal year, CI said, it continued to deploy money from its $100 million ClimateTech Fund, $50 million Future Fund and $200 million Connecticut Bioscience Innovation Fund.

It also launched five pilots through its Governor’s Innovation Lab, including the launch of a 12-month pilot between CI portfolio company Budderfly and UConn Health, and a partnership between CI portfolio company Intellihealth and state Comptroller Sean Scanlon, which was recently renewed and expanded.

“In addition to deploying dollars and creating new partnerships in the state, CI also prioritized our talent and recruitment efforts within our portfolio,” said Matt Storeygard, senior managing director of investments at CI. “This year, we added two full-time team members dedicated to helping our companies hire top-tier talent and grow in the state. They helped 24 of our portfolio companies hire 123 people, with 66% of the hires being Connecticut residents.”

The agency’s fiscal year matches the state’s, which runs from July 1 through June 30.