Connecticut Innovations (CI), the state’s strategic venture capital arm, invested the biggest portion of its funds in technology in the second quarter of fiscal 2023, the organization announced last week.
Of the $10 million allocated in the quarter that ended Dec. 31, CI invested $4 million in tech-sector companies and $3 million in healthcare firms, with the rest distributed across climate tech, consumer and venture funds.
The investments leveraged an additional $36.8 million in outside capital, according to a CI statement. CI’s largest investments of the quarter went to Hally Hair, Holisto and Populi.
Matt Storeygard, CI’s senior managing director of investments, said, “Although CI has anticipated market shifts, it’s critical for us to stay on track with expanding and supporting our portfolio.”
Peter Longo, CI senior managing director of investments, said, “The resilience of the early-stage companies we work with is remarkable.”
The state’s Angel Investor Tax Credit program was credited for $5.8 million invested across 23 qualified Connecticut businesses by 47 angels in the second quarter, according to CI. In addition, 24 angels invested $2.1 million in two cannabis social equity companies.
Last month CI announced it had launched a $50 million fund to support diverse companies with growth potential, giving priority to “disruptive startups in the largest and growing markets.”
Contact Liese Klein at lklein@newhavenbiz.com.
