Connecticut's $5 mln global venture challenge opens applications to early-stage companies

VentureClash 2018 attracts digital health, fintech, insurtech and Internet of Things companies to Connecticut

ROCKY HILL, Connecticut, March 1, 2018 /PRNewswire/ -- 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. VentureClash is Connecticut's $5 million global venture challenge for early-stage digital health, financial technology, insurance technology and Internet of Things companies.

"This is our third year of VentureClash, and we expect more high-quality companies as well as additional corporate partners in our industry verticals," said Matt McCooe, CEO of Connecticut Innovations. "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."

Awards

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.

Application

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.

Eligibility

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, financial technology (fintech), insurance technology (insurtech) or Internet of Things (including energy cost reduction technologies)

For more information on qualifications, requirements, guidelines and application, visit www.ventureclash.com.

About VentureClash

Managed by Connecticut Innovations, VentureClash is Connecticut's global venture challenge focused on early-stage companies. The challenge, launched in 2016, identifies high-potential companies in digital health, fintech, insurtech and Internet of Things that will compete for investments from a $5 million award pool. For more information, visit www.ventureclash.com.

About Connecticut Innovations

Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit www.ctinnovations.com.