The thriving life of Connecticut’s venture capital is burning and resonating in the investment funds available in the state. There are now three new funds that sprung in the state in the past months and these funds reach a total of $130 million in capital to promote for high-growth and also small and medium sized companies that needed the support.
These funds are a product of the new initiatives of the state with its revised Insurance Reinvestment Tax Credit, which is a program passed by many state legislators to provide the incentive for insurance companies to invest in all forms and scales of business. Here are the three funds introduced by the tax credit:
- The Enhanced Capital Connecticut Fund
This fund is meant to drive more capital in all the portfolio and hands of businesses in the Connecticut area. The development efforts of Connecticut turn the inspiration of this fund and fuel the state-registered fund managers to create programs to catalyze the economy. This fund targets business with fewer than 250 employees and whose workforce is from the state itself. This new fund is welcome news for the business community in Connecticut that traditionally lacked an investment base. The recently launched Haven-based software analytics company Hadapt Inc. is one of the first companies initiated by this fund. The company is at Science Park in New Haven.
- Advantage Capital Connecticut Partners
This second fund also thought to be fuel for Connecticut’s small investment base. The strength of Connecticut finds promise in bioscience and this second fund targets businesses that focus on this area, so the businessmen can find new ways to help provide jobs for the state. Missouri-based Advantage Capital Partners form this second fund along with Ironwood Capital in Avon, under leadership from Managing Director Ryan Brennan. The fund also attempts to drive more significant capital that need the boost support of companies from seed-stage to sustaining the operations.
- Stonehenge Capital Fund Connecticut
This fund is started by Stonehenge Capital in Louisiana and is also created to make sure that the industries in Connecticut are getting enough support to manufacture and maintain the information technology, healthcare and business services of the state. Over the $30 million of funds are pooled to make sure that capital is available for companies to pursue strategic plans to venture their pursuits. Green technology is also one of the many areas that this fund is highly supporting.