New Funds for the State of Connecticut

In the state of Connecticut the venture capital section has began to show promising signs of expansion and growth. There have been three new funds announced in the last month with a total value of over $130 million being made accessible to small, medium, and high growth companies and corporations. After the revised Insurance Reinvestment Tax Credit program was formulated and passed last year by state lawmakers, the new funds were able to be made available to the states expanding private market. The new funds were developed in hopes of mainly targeting businesses whose majority staff reside in the state of Connecticut and who have less then 250 employees working for them.
The new funds have raised great anticipation and excitement among businesses around the state who are used to Connecticut’s downside of having a poor early stage investment base, especially for corporations that are pre-seed companies. The industry of Bio-Science has played a key role in helping make these funds available as it is considered by many to be the future of the advancement of many business related sectors in the state. This industry wants to insure that businesses and companies have sufficient and adequate funds for the development and testing of their new technology. Liddy Karter, the managing director of Enhanced Capital Connecticut, has raised an astonishing $30 million dollars for this fund which shall be kept in two different investment pools. She was happy to remark that “This will do a lot to drive more capital into the hands of Connecticut businesses”. She aims to use the fund of Enhanced Capital Connecticut to assist with recognizing and undermining equity investments and debt of up to $3 million in firms that have qualified. There are many companies and industries they are researching for the use of this fund, some including; information technology, healthcare, manufacturing, green technology, and business services. The Enhanced capital fund will be used first for a software analytics firm based out of New Haven called Hadapt Inc.
Another fund formed for businesses in the state of Connecticut is called the Advantage Capital Connecticut Partners, under the leadership of Ryan M Brennan, Advantage Capital Managing Director. This fund targets 25 separate, local businesses and has raised an astonishing $72 million dollars. Another fund started called the Stonehenge was just begun in the past couple weeks and has already successfully raised another incredible $35 million. All in all, things look promising and hopeful for many small and medium sized companies based out of the state of Connecticut.