Connecticut Innovations, the state’s strategic venture arm, invested $7 million in early-stage companies and fund-of-funds during its third quarter, which ended March 31, the organization announced Wednesday.
That is down from the third quarter of 2022, during which Connecticut Innovations invested $13.5 million in early-stage companies.
In the second quarter of 2023, Connecticut Innovations invested about $10 million, and during the first quarter, it invested $8.6 million.
Of the $7 million recent investment, Connecticut Innovations spent about $2 million in healthcare companies and directed another $2 million throughout the consumer sector, according to the announcement. The remaining funds were distributed evenly across climate tech, technology and venture funds.
The investments leveraged an additional $88.7 million in outside capital, the organization said.
The largest investments of 2023’s third-quarter went to Athletic Brewing Holdings, Smart Feed Tech and Driver Technologies Inc.
Athletic recently expanded to a 150,000-square-foot building in an industrial park at 75 Cascade Blvd. in Milford.
Despite higher interest rates, which have reduced investment, Connecticut Innovations said it is growing its portfolio.
“We often get asked how we invest in a bear market,” said Peter Longo, senior managing director of investments. “Our job at CI is to make sure our companies weather the storm and feel supported with access to capital, key introductions in the network and talent acquisition services.”
So far during the 2023 fiscal year, Connecticut Innovations has invested a total of $25 million and leveraged $318.2 million.
