VentureClash Program to Award Early-Stage Financing
Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, has announced the launch of VentureClash, a $5 million global investment challenge for early-stage digital health and financial technology (fintech) companies.
“VentureClash looks to attract the best early-stage companies here in Connecticut, around the country and throughout the world,” says Matt McCooe, CEO of Connecticut Innovations.
“We will support companies with corporate, university, nonprofit, and state resources to help high-growth enterprises succeed in Connecticut.”
The top award for the challenge will be a $1.5 million investment. The second-place winner will receive a $1 million investment, and four runners-up will each receive a $500,000 investment. Mentoring, grants and other assistance will also be provided to winners.
Companies will have until June 30, 2016, to submit the first-round application.
Companies will have until June 30, 2016, to submit the first-round application. After two rounds of judging, approximately 10 companies will be invited to Yale University on October 20, 2016, to compete in person for investment awards.
Judges will include subject matter and investor experts from athenahealth, Canaan Partners, Greycroft Partners, Oak HC/FT, Kepha Partners, Magellan Health, and Webster Bank.
To strengthen the initiative, VentureClash has identified several partners that will assist with customer connections, potential customer pilots, judging, mentoring, and acceleration services. The 2016 VentureClash strategic partners include: The Hartford, The Jackson Laboratory, Magellan Health, Webster Bank, and Yale.
VentureClash is also working closely with The Connecticut Department of Community and Economic Development (DECD) on program development and implementation.
To be eligible to apply, a company must meet the following requirements:
- Have been in business for at least 12 months
- Have paying customers or customers who are actively testing the applicant’s product
- Companies must be willing to establish a Connecticut presence, which applies to domestic and international applicants
- Companies must be focused in digital health or fintech
“We created VentureClash to help companies working in two very dynamic industries that are well-supported in our state so that we could help accelerate their growth,” says Glendowlyn Thames, director of Small Business Innovation and CTNext.
“At the finals event in October, we’ll bring together the strongest applicants for pitches and networking with venture capital firms, partners, and others.”
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