Connecticut Innovations (CI), the state’s quasi-public venture capital arm, says it’s accepting applications for its fourth annual VentureClash pitch competition.
After two rounds of judging, about 10 early stage digital health, insurance technology, internet of things and fintech startups will be selected to participate in the fall event to compete for $ 5 million investment awards. The winner will receive $ 1.5 million and the remaining $ 3.5 million will be split between other trailing startups.
To qualify, applicants must have been in business for at least a year and have paying customers or customers that are testing their product.
Companies must also have a compelling business reason to establish a Connecticut presence and are required to have a focus on digital health, financial technology (fintech), insurance technology (insurtech), or industry 4.0, which includes sustainable materials and resources.
In other CI news Monday, the agency says it’s hosting a pitch competition in Tel Aviv, Israel, on May 23. Participants will compete for a $500,000 investment from CI, a semifinalist spot in VentureClash 2019 and a $5,000 grant to visit Connecticut in August.
Applicants for that event must apply by March 15.
Last week, CI said it invested $750,000 in an Indian insurtech provider that opened a Hartford office.
Connecticut Innovations (CI), the state’s quasi-public venture capital arm, made the seventh most investments in healthcare startups in 2018, according to Forbes. In 2018, CI leveraged total capital worth $155.7 million that supported 166 companies — with assets of $170.8 million — and more than 19,600 jobs.
More details here