ROCKY HILL, Conn., Feb. 4, 2019 /CNW/ -- 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. In its fourth year, VentureClash is Connecticut's $5 million global venture challenge for early-stage digital health, financial technology, insurance technology and industry 4.0 companies.
The 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.
VentureClash launches the first-round application on February 1, 2019, and companies will have until June 7, 2019, 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 determine the winning companies of VentureClash 2019.
To be eligible to apply, a company must:
- Have been in business for at least 12 months
- Have paying customers or customers that 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 industry 4.0 (including sustainable materials and resources)
In addition to the annual pitch event, VentureClash will be hosting a pitch competition in Tel Aviv on Thursday, May 23, 2019. The event will invite promising companies from Israel to compete for a $500,000 investment from Connecticut Innovations, a semifinalist spot in VentureClash 2019 and a $5,000 grant to visit Connecticut in August. To apply for the Tel Aviv pitch competition, companies must submit applications by Friday, March 15, 2019.
"There is a dense concentration of fast-growing startups in Tel Aviv," said Matt McCooe, CEO of Connecticut Innovations. "Over the past few years, many Israeli companies have competed in our semifinals and finals rounds. This year, we are taking VentureClash to Israel to meet companies that are ready to expand to the United States."
For more information on qualifications, requirements, guidelines and application, visit www.ventureclash.com.
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 industry 4.0 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.
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SOURCE Connecticut Innovations