Connecticut Innovations Invests $8.6 Million in Early-Stage Companies in FY 2023 Q1

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Deals leveraged nearly $96.7 million in outside capital in the first quarter of the fiscal year

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Connecticut Innovations (CI), Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, today announced it invested $8.6 million across 21 transactions during the first quarter of its 2023 fiscal year, ending September 30, 2022.

CI invested approximately $3.5 million in healthcare companies and $1.6 million in climate tech; the remaining funds were allocated across technology and venture funds.

CI added six new companies to its portfolio in the first quarter, and the largest investments of the quarter were BioWave Corporation, a fund-of-funds investment in C2V Capital Partners II, Enko Chem and Oova.

“While we do notice a shift in the venture capital markets, we had an incredibly active first quarter,” said Matt Storeygard, senior managing director of investments at Connecticut Innovations. “We are seeing new opportunities in the market, as well as good progress with our existing portfolio.”

“Our companies also continue to demonstrate the ability to raise outside capital in this environment,” said Peter Longo, senior managing director of investments at Connecticut Innovations. “In this quarter alone, our companies attracted nearly $100 million in outside capital.”

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

Through the Angel Investor Tax Credit Program, CI had 22 angels invest $2 million in 11 qualified Connecticut businesses in the first quarter of FY 2023.

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

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