Connecticut Innovations unveils $50m fund for diverse start-ups

Connecticut Innovations, Connecticut’s venture capital arm, announced that it has launched Future Fund, a $50 million vehicle that will back Connecticut-based tech start-ups with diverse teams, “with an emphasis on underrepresented founders.”

Investment sizes will range from $250,000 to $1.5 million.

“Although the fund will prioritize disruptive start-ups in the largest and growing markets, any innovative, early-stage company with diversity at the board or executive level may apply for consideration,” CI said in a statement.

“CI is committed to increasing and supporting leadership diversity throughout the state’s innovation ecosystem and empowering founders as they build groundbreaking businesses,” the statement added. “The Future Fund will provide both capital and strategic support to these companies, while introducing them to a network of other creative founders and investors who champion diversity.”

Connecticut Innovations CEO Matt McCooe noted, “With the launch of CI’s Future Fund, we now have the dedicated resources to find and attract companies with diverse founders. We are eager to establish the Future Fund by building its portfolio with companies that can provide global impact, scale rapidly and enhance Connecticut’s reputation as a leading tech hub.”

More information about the Future Fund is available at https://ctinnovations.com/future-fund/.