🔒CT companies take different paths to finance growth

Businesses rarely finance growth the same way.

Some companies borrow to expand. Others raise money from investors, acquire competitors or tap the public markets to fund the next stage of development. The strategy often depends on where a company is in its life cycle and what it’s trying to accomplish.

Three Connecticut companies recently illustrated those differences. Their financing decisions — an acquisition, a public stock offering and an institutional investment — illustrate distinct approaches to funding expansion, advancing a long-term project and commercializing a newly approved product.

Growing through acquisition

West Hartford-based New Silver, a financial technology company that provides financing to residential real estate developers, is using an acquisition to accelerate its expansion.

The company announced in late July it acquired Mayflower Venture Partners, a Quincy, Massachusetts-based firm specializing in fix-and-flip and new construction loans for single-family and small multifamily properties throughout New England.

Financial terms of the deal were not disclosed.

New Silver said the purchase expands its geographic reach and broadens its loan offerings. Company officials said the combined business will have greater capacity to finance larger and more complex real estate projects, and Mayflower’s customers will gain access to additional lending products.

The Mayflower team will remain with the company following the acquisition.

Funding a project before it produces revenue

American Battery Materials faces a different challenge.

The Greenwich-based company is seeking to become a U.S. producer of lithium and magnesium by developing mineral resources in Utah that could supply battery manufacturers and other industries. Its first project, in Utah’s Lisbon Valley, remains in the exploration stage as the company works to determine whether the minerals can be extracted economically from underground brine.

To help finance that work, American Battery Materials has filed plans to raise about $16.3 million through a public stock offering. According
to its filing with the U.S. Securities and Exchange Commission, most of the proceeds would fund drilling, permitting and geological work.

The company also said some of the money could be used to acquire additional mineral rights and for general corporate purposes.

American Battery has not yet begun mining operations or generated mining revenue. According to its prospectus, it expects to begin exploration drilling later this year, with commercial production targeted for 2029.

Capitalizing on a milestone

For Danbury-based MannKind Corp., the need for capital followed a significant achievement.

The biopharmaceutical company announced last month that it raised $50 million from institutional investors after receiving U.S. Food and Drug Administration approval for Furoscix ReadyFlow, a treatment for adults with heart failure or chronic kidney disease.

The financing will fund a $45 million milestone payment tied to MannKind’s 2025 acquisition of scPharmaceuticals, which developed the treatment. The payment was triggered by the FDA’s approval of Furoscix ReadyFlow, while the remaining proceeds will be used for general corporate purposes as the company prepares for the product’s commercial launch.

MannKind, which reported 592 employees at the end of 2025, expects to begin U.S. sales of Furoscix ReadyFlow by the end of August. The treatment allows patients to administer the medication at home in about 10 seconds instead of receiving intravenous diuretic therapy in a hospital or other healthcare setting.

HBJ Staff Writer David Krechevsky contributed to this story.