State numbers Venture funding figures drop
After a big spring, venture funding ebbed in Connecticut for the third quarter running July through September, with just over 20 companies reporting a combined $30.6 million in funding in Securities & Exchange Commission filings monitored by Hearst Connecticut Media.
That was well below the $106 million raised between April and June and the $115 million in funding secured in the third quarter of 2017, though well above historic lows. Still, only six companies reported receiving more than $1 million in funding to the SEC, with the lull occurring even as the New Haven cancer drug development company Arvinas went public in late September in an initial public offering of stock. IPOs offer one strategy for investors to cash out shares, if they appreciate to the stage where they represent a good return on investment.
New Haven-based Trevi Therapeutics led all Connecticut companies in the third quarter in booking $10.8 million as part of a previously announced $50 million round of funding, which has now exceeded that initial target. Trevi is developing a treatment for patients who develop chronic rashes and welts that cause patients to suffer debilitating itching, as a result of dialysis treatments.
New Haven led all Connecticut locales with a half-dozen companies reporting funding. Stamford was home to five, including Fresh Nation which recorded $3.2 million in new funding as the firm proliferates its platform to help grocery stores and vendors like Stop & Shop, IGA, Fresh Market and Amazon source food from local farms and producers. In the past two years, Fresh Nation has reported $7 million in funding to the SEC.
The Greenwich natives who created the canned coffee company Rise Brewing registered $2.3 million in funding, as the company continues to expand its offerings with an oat milk latte variety of its “nitro” cold-brew beverage infused with nitrogen designed to give it a creamy finish.
And in Norwalk, the parent company of Lymbr secured more than $1.2 million, with the company offering personalized stretching programs priced anywhere between $55 for a 30-minute session, to $7,600 for an annual regimen of 100 sessions lasting an hour each. Lymbr opened its first Connecticut studio last year in Darien.
Alex.Soule@scni.com; 203-842-2545; @casoulman