March 1, 2018

CI seeks early-stage techs for $5M VentureClash

PHOTO | HBJ FILE
PHOTO | HBJ FILE
Connecticut Innovations CEO Matt McCooe at the 2016 VentureClash.

Connecticut's strategic venture capital arm is now taking applications for VentureClash, a $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 (CI). "VentureClash and CI are helping incredible companies grow and succeed here in Connecticut."

Dream Payments, which won the $1.5 million top prize in the 2016 VentureClash, has gone on to raise more than $10 million, McCooe said. The Toronto-based digital payment provider for insurers that set up a Stamford beachhead said Tuesday it is partnering with Mastercard in a deal aimed at ensuring insurance customers get paid more quickly.

VentureClash 2018 will offer a top investment award of $1.5 million, with the $3.5 million determined by the judges' panel on the day of the event.

Companies have until June 8 to submit an 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.

Applicants 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; and be focused in digital health, financial technology (fintech), insurance technology (insurtech) or Internet of Things (including energy cost reduction technologies).

Information on qualifications, requirements, guidelines and application are at www.ventureclash.com.

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