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Classified in: Science and technology, Business
Subject: VEN

Connecticut Innovations Announces Winners of $5 Million Global Venture Challenge

ROCKY HILL, Conn., Oct. 21, 2019 /PRNewswire-PRWeb/ -- Connecticut Innovations (CI), Connecticut's venture capital arm and leading source of financing and ongoing support for the state's innovative, growing companies, today announced the winners of the 2019 VentureClash competition, the $5 million global investment challenge for early-stage companies in digital health, fintech, insurtech and industry 4.0.

In all, 10 companies representing four countries participated in the finals pitch event, which was held at Yale University on Thursday, October 17. VentureClash judges awarded investments to eight of the finalists, all of which will also receive access to mentoring and customer introductions to help them grow and succeed.

The top investment award of $1.5 million went to Pineapple, a South African peer-to-peer insurance company with an application that allows individuals to insure their possessions simply by snapping a picture and uploading it to the mobile application. Pineapple had previously won the $25,000 VentureClash Innovation Prize provided by Travelers, awarded to companies developing solutions and pursuing market opportunities in insurtech.

Additionally, two second-place winners were each awarded a $750,000 investment, including:

Three finalists were selected to each receive a $500,000 investment award, including:

Finally, two finalists were awarded $250,000, including:

The winning companies are required to establish a presence in Connecticut.

"Each year, the number of impressive and promising innovative young companies participating in VentureClash grows, and this year's competition was no exception," said Matt McCooe, CEO of CI. "We congratulate the winning companies, which, by engaging in the VentureClash process, have come to learn about the resources and opportunities available to them to grow and scale their businesses in Connecticut. We look forward to continuing to support these companies."

VentureClash brings together early-stage digital health, insurance technology (insurtech), industry 4.0 and financial technology (fintech) companies from across the globe to compete for investment, mentoring, customer introductions and services from CI to help them grow and succeed in Connecticut. This year's competition attracted more than 300 companies from 20 countries around the world, all of which completed initial applications this past June. Finalists were selected following two rounds of judging by an outside panel of industry leaders and subject matter experts.

For more information on qualifications, requirements, guidelines and application, visit http://www.ventureclash.com.

About VentureClash
VentureClash is Connecticut Innovations' global venture challenge focused on early-stage companies. The challenge identifies promising companies in digital health, financial technology, insurance technology and the Internet of Things that will receive investments from a $5 million award pool and the support of resources around Connecticut. To learn more, visit http://www.ventureclash.com.

About Connecticut Innovations Inc.
Connecticut Innovations is Connecticut's strategic venture capital arm, providing funding and strategic support to early-stage technology companies. In addition to equity investments, CI provides grants that support innovation and collaboration through CTNext, and connections to its well-established network of partners and professionals. To learn more, visit http://www.ctinnovations.com.


SOURCE Connecticut Innovations

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