ROCKY HILL: Connecticut Innovations (CI) announced the winners of VentureClash, a $5 million global investment challenge for early-stage digital health and financial technology (fintech) companies.
There were eleven finalists from eight countries, and six companies were awarded with investments, mentoring, customer introductions, grants and services to help them grow and succeed. To receive any aid, the winners are required to establish a presence in Connecticut.
Dream Payments, a Canada-based fintech, won the highest investment award, $1.5 million.
Dream payments partners with financial institutions to “empower” payment solutions. Brent Ho-Young is the CEO of Dream Payments.
UK company Hubbub will receive a $1 million investment. Hubbub provides digital fundraising solutions for the education and nonprofit sectors. Jonathan May is the CEO of Hubbub.
Four companies received a $500,000 investment award. They included:
AMP Credit Technologies, a Hong Kong–based fintech company helps provide small businesses with financing across global markets. BondIT, an Israel-based company provides “data-driven, personalized, optimal investment recommendations” to client companies. Belgium based LindaCare is a “digital health company” offering software solutions for healthcare providers to facilitate patient remote monitoring.
Streamdata.io, a France-based company develops software and infrastructures that “help developers turn content into streams that easily integrate into front-end and back-end systems.”
Matt McCooe, CEO of Connecticut Innovations said, “this competition showcased an incredible display of talent from companies around the world.” McCooe explained that there was more to do to have the “winners” locate in Connecticut.
“We have now completed the first step in the process with the awards. The next and more vital piece of this challenge will be getting the deals completed, and setting up a soft landing for the companies in the challenge who decide to open operations in Connecticut.”
A panel of judges at the Yale School of Management included subject matter and investor experts from athenahealth, Canaan Partners, Oak HC/FT, Kepha Partners, Magellan Health, and Point72 Ventures.
The top two investment awards also receive up to $100,000 each in grants for assistance with relocation and other expenses, and each runner-up investment award includes a $50,000 grant. All six winners will also receive $120,000 worth of IBM Cloud Credits, sponsored by IBM. For information www.ventureclash.com.