Connecticut Innovations (CI), Connecticut’s strategic venture capital arm and one of the leading sources of financing and ongoing support for innovative, growing companies on the east coast, today announced the launch of the application period for VentureClash. According to CI, VentureClash is Connecticut’s $5 million global venture challenge for early-stage digital health, fintech, insurtech, and Internet of Things companies.
While sharing details about VentureClash, Matt McCooe, CEO of Connecticut Innovations, stated:
“This is our third year of VentureClash, and we expect more high-quality companies as well as additional corporate partners in our industry verticals. VentureClash and CI are helping incredible companies grow and succeed here in Connecticut. As one example, Dream Payments, the 2016 top winner of VentureClash, has gone on to raise two rounds of funding for more than $10 million. Dream has since launched in the United States, won major banks and insurance companies as customers, and announced partnerships with major credit and payments companies.”
The entire investment award pool is $5 million, with a top investment award of $1.5 million. The remaining $3.5 million will be determined by the judges’ panel on the day of the event. CI added:
“VentureClash launches the first-round application on March 1, 2018, and companies will have until June 8, 2018, to submit the application. After two rounds of judging, approximately 10 companies will be invited to the finals event in Connecticut in the fall to compete in person for investment awards. An outside panel of judges will help to determine the winning companies of VentureClash 2018.”
To be eligible to apply, a company must:
- Have been in business for at least 12 months
- Have paying customers or customers who are actively testing the applicant’s product
- Have a compelling business reason to create a Connecticut presence, which applies to domestic and international applicants
- Be focused in digital health, fintech, insurtech, or Internet of Things (including energy cost reduction technologies)