Deals leveraged more than $1.3 billion in outside capital; CI generates $72 million in cash proceeds

NEW HAVEN, Conn., Oct. 3, 2022 /PRNewswire-PRWeb/ -- Connecticut Innovations(CI), Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies, today announced it invested $55 million in 108 companies in the fiscal year ending June 30, 2022.

The year also generated $72 million in cash proceeds and nine exits through acquisitions and initial public offerings (IPOs)—a record result for Connecticut Innovations. CI's investments also leveraged an additional $1.3 billion in outside capital.

"This past year was an active and successful year for our portfolio companies and for CI," said Matt Storeygard, senior managing director of investments at Connecticut Innovations. "Our companies were able to attract a record amount of capital this year, which is an indicator of the health of the portfolio and the success of the companies."

During the year, CI also announced the launch of the $100 million ClimateTech Fund (CT Fund) and the $50 million Future Fund. Those dollars will be put to work over the next 10 years.

"With the launch of two additional funds and federal funding from the American Rescue Plan, we will be able to put more dollars to work over the next 10 years," said Peter Longo, senior managing director of investments at Connecticut Innovations. "We look forward to helping more promising and innovative companies over the next year."

In addition to venture investments, CI also administers the Angel Investor Tax Credit Program. In FY2022, CI had 253 angels invest $18.6 million in 53 qualified Connecticut businesses through the program.

About Connecticut Innovations:
Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.

Media Contact

Lauren Carmody, Connecticut Innovations, 860.258.7829, Lauren.Carmody@ctinnovations.com

SOURCE Connecticut Innovations