Top winner of VentureClash competition to use funds to support opening of Connecticut office
ROCKY HILL, Conn., Dec. 1, 2016 /CNW/ -- Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut's innovative, growing companies, today announced that it invested $1.5 million in Dream Payments, a leading financial technology (fintech) company that provides a cloud-based mobile payment platform for merchants and financial institutions, and the 2016 top investment award winner of VentureClash.
The $1.5 million award will help to further fuel the growth of Dream's market share and accelerate the company's entry into the United States.
"CI is excited to close this deal with the top investment award winner of VentureClash," said Matt McCooe, chief executive officer of Connecticut Innovations. "This company has a strong leadership team and we look forward to supporting the company's expansion in the U.S. market."
VentureClash, Connecticut's $5 million global venture challenge managed by Connecticut Innovations, attracted nearly 200 applicants and culminated with a finals event on Thursday, Oct. 20, at the Yale School of Management in New Haven, Conn. Dream Payments was one of 11 finalists that presented to a broad judging panel of venture capitalists and innovation experts from leading firms – including Canaan Partners, Kepha Partners, OAK HC/FT and Point72 Ventures.
Dream Payments has a solid foothold in Canada in the payments-processing space and looks to expand its operations to the U.S. They plan to create up to 10 employee positions in Connecticut with this investment and will look to add a business development professional to help assist with its U.S. growth plans.
"The U.S. market is experiencing a major shift toward mobile commerce creating dramatic demand for Dream's platform." said Brent Ho-Young, CEO of Dream Payments. "We are thrilled to enter the U.S. market with the support of the State of Connecticut, which provides us strategic advantages in terms of proximity to our customers and partners such as CI, and access to a rich pool of specialized talent."
For more information on qualifications, requirements, guidelines and application, visit www.ventureclash.com.
VentureClash is Connecticut Innovations' global investment challenge focused on early-stage companies. The challenge, which launched in 2016, identifies high-potential companies that receive investments from a $5 million award pool and the support of resources around Connecticut. To learn more about the process, application, industry focus, partners and previous winners, visit www.ventureclash.com.
About Connecticut Innovations
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize growth potential, 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.
About Dream Payments
Dream Payments is a financial technology company powering payments across mobile devices and the Internet of Things (IoT) in partnership with financial institutions. Dream's turnkey solutions include mobile point-of-sale (MPOS) applications, mobile payment terminals, remote device management, customer onboarding and secure payment processing. Dream connects financial institutions, merchant acquirers, retailers and value-added apps to deliver services that meet the demands of today's businesses, and is the only platform that enables EMV payment terminals that accept Interac® Debit, Visa and MasterCard to be sold off-the-shelf with instant activation.
Dream is headquartered in Toronto, Ontario. For more information, please visit dreampayments.com.
SOURCE Connecticut Innovations