The state’s quasi-public venture capital arm, Connecticut Innovations, says its third-quarter equity investments rose 32 percent on higher deal volumes.
The state's quasi-public venture capital arm, Connecticut Innovations, says its third-quarter equity investments rose 32 percent on higher deal volumes.
CI says it invested $10.4 million during the three months ended March 31, up from $7.9 million in the third quarter of fiscal year 2017, and from $9.4 million last quarter.
A total of 38 companies received funding, up from 28 a year ago.
CI said its recent investments also leveraged more capital from outside investors. The deals it was involved in drew an additional $78.3 million in outside money, up from $56.5 million last year.
The bulk of CI's recent investments ($7.7 million) went to the biotech sector, while $2.7 million went to information-technology firms.
“This was another strong quarter for investments in Connecticut companies,” said David Wurzer, CI's executive vice president and chief investment officer. “We continue to find excellent opportunities for bioscience and technology companies, and our early stage involvement in these companies provides them with an opportunity to grow.”
CI now has 150 companies in its VC portfolio, supporting about 1,627 jobs.
