The venture capital market in Connecticut looks to have gotten a lot brighter. It has been announced that three new venture capitalist firms have laid stakes in the state. The three companies together are said to have brought an additional $130 million capital to existing and prospective businesses. All companies, from large scale to small ones, will be able to take advantage of this new resource in venture funding.
The three new venture capital firms coming to Connecticut are Enhanced Capital Connecticut, Advantage Capital Connecticut Partners under managing partner Ryan Brennan, and Stonehenge Capital Fund Connecticut. These new venture firms were developed after the state of Connecticut passed new incentive laws for insurance companies. The Insurance Reinvestment Tax Credit Program provides Connecticut insurance companies tax breaks and incentives to those who invest in high growth businesses through various fund managers. The new companies and their funds are said to be earmarked for Connecticut based companies and ones who have a workforce of 250 workers or less.
Officials from all three of the new venture capitalist firms says they are looking to invest in a wide range of businesses and areas. Liddy Karter, the director of Enhanced Capital Connecticut, has raised about $30 million. Karter says that her firm will award monies in upwards of $3 million to qualified firms. This money would be released regardless of what stage that a business could possibly be in.
Advantage Capital has announced that they have supplied $72 million in funds to 8 different Connecticut based companies. Advantage has focused their efforts on the technology sector in the state by investing in software companies and retail websites.
Stonehenge Capital says that they are willing to invest up to $10 million in businesses and ventures that they seem fit. Since 2009, venture capitalist firms and investors have earmarked over $500 million in funds for Connecticut businesses.