Please do not leave this page until complete. This can take a few moments.
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.
This special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Learn moreHartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
SubscribeDelivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments