Connecticut Innovations (CI), the state’s quasi-public venture capital arm, said Wednesday that it invested approximately $7.8 million in 17 companies and venture funds during the second quarter of its fiscal year ending Dec. 31, 2024.
CI said its investments leveraged $120.7 million in outside capital and generated $12 million in proceeds during the quarter. The agency follows the state’s fiscal year, which began in July 2024 and ends in June.
CI said it invested approximately $5 million in healthcare companies and $2 million in venture funds. The remaining money was distributed between the technology and climate tech sectors, it said.
“Over the past two years, CI has prioritized our Human Capital Services program to help our portfolio companies find and hire the right candidates,” said Bo Bradstreet, CI talent acquisition director. “Throughout this fiscal year, … we have directly managed 71 hires, with 68% of those hires having a Connecticut presence.”
Bradstreet said CI will also host this month its first CI Talent Fair, “to connect top-tier students from local universities with our companies actively seeking emerging talent. This event will help build new talent pools for our portfolio and keep our best and brightest right here in Connecticut.”
In addition to venture investing, CI also administers the Angel Investor Tax Credit Program. In FY25, 121 angels invested $12 million in 27 qualified Connecticut businesses through the program.
Matt Storeygard, senior managing director of investments, said the program has nearly met its capacity for the current fiscal year. “This is another great indicator of the interest investors have developed in early-stage companies throughout the state,” he said.
The program will reopen applications on April 1, 2025.
