Connecticut Innovations, a strategic venture capital entity based in New Haven, CT, serving as a vital source of financing and ongoing support for Connecticut-based companies, has recently disclosed its investment activities for the third quarter of its fiscal year, concluding on March 31, 2024.
Allocation of Investments
Under the leadership of Kevin Crowley and Peter Longo, senior managing directors of investments, Connecticut Innovations (CI) directed approximately $12.6 million in investments across 24 companies and venture funds during this period. The breakdown of these investments showcases a diversified approach, with $5.5 million allocated to the consumer sector, $2.5 million to technology companies, and the remaining $4.6 million directed towards healthcare companies and venture funds. Notably, these investments were instrumental in leveraging an impressive $148.0 million in outside capital, indicating the strategic significance of CI’s funding initiatives.
Angel Investor Tax Credit Program
In addition to its direct investments, CI facilitated angel investments totaling $11.6 million from 130 angel investors in 38 qualified Connecticut businesses through the Angel Investor Tax Credit Program in fiscal year 2024. This program plays a pivotal role in fostering entrepreneurship and innovation within the local business ecosystem by incentivizing angel investors to provide crucial financial support to emerging ventures.
Cumulative Investment Impact
Cumulatively, in fiscal year 2024, CI has committed $38.5 million in investments, further amplifying its impact by leveraging an impressive $660.9 million year to date. These figures underscore CI’s steadfast commitment to nurturing the growth and development of Connecticut’s entrepreneurial landscape by providing essential funding and strategic support to promising startups and emerging companies across various sectors.
Conclusion
Connecticut Innovations’ investment activities in the third quarter of fiscal year 2024 reflect its proactive approach towards fostering innovation and economic growth within the state. By strategically allocating funds across diverse sectors and leveraging external capital, CI continues to play a pivotal role in catalyzing the success of Connecticut-based companies and positioning them for sustained growth and competitiveness in the global marketplace. As CI remains dedicated to supporting entrepreneurship and innovation, its investments serve as a catalyst for driving economic prosperity and fostering a vibrant ecosystem of innovation within the state of Connecticut.
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