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November 28, 2016 Reporter's Notebook

CT venture activity continues 2016 slide

Venture activity in the state slowed again during the third quarter, mirroring a year-long trend in which investment in Connecticut startups has lagged significantly behind 2015.

Venture capitalists injected $23.9 million in Connecticut companies during the third quarter of 2016, down from $97.2 million in the year-ago period.

Overall, 9 Connecticut companies received funding during the July to September period, compared to 16 a year earlier, according to the latest MoneyTree report, a joint effort of PricewaterhouseCoopers and the National Venture Capital Association (NVCA), using data from Thomson Reuters.

Nationally, venture capitalists invested $10.6 billion in 891 deals in the third quarter of 2016. That investment total was down 32 percent from a year earlier, while deal count was down 11 percent.

Through the first three quarters of 2016, total venture capital funding is down 55 percent in Connecticut, while there have been 10 fewer deals.

East Hartford medical management software provider Actualmeds Corp. scored Greater Hartford's biggest venture deal during the third quarter, raising $1.25 million to expand its operations.

Farmington's Cornovus Pharmaceuticals Inc. was the only other Greater Hartford company to raise money, bringing in $983,000.

Most other companies that secured financing were from Fairfield or New Haven counties. Biohaven Pharmaceutical Holding Co. of New Haven recorded the biggest deal, raising $8.4 million.

– Greg Bordonaro

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