Reading some massive revenue-generating Connecticut-based startups like Minds, Triax Technologies, and Tomo, you might be wondering about the secret behind their success.

Well, along with expert mentorship, guidance, and business strategies, the real secret behind many successful startups is funding. While most of us think that VC firms or individual angels won’t fund startups unless they have generated massive revenue, it’s the opposite.

In Connecticut, there are many angels that fund early-stage startups and provide them with access to their experienced network of mentors. To help you know these investors and connect with them, the following article highlights the list of the top 6 angel investors in Connecticut. 

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Top 6 Angel Investors in Connecticut

Before pitching to angel investors, it is always recommended to prepare well. If you are getting ready for your first investor meeting, don’t forget to practice communication skills, learn important business figures, and read some pitch deck examples.

On to angels now!

Pen King

LinkedIn: Pen King Jr. - Innovating Capital | LinkedIn

Investor Type: Individual Investor

Investment Interests: Software, Tech Franchises, Consumer Products.

Investment Stage: Seed

Pen King is a Greenwich-based individual angel investor who funds startups all over Connecticut. Investing for more than 5 years, Pen King knows the importance of funding startups and the boost it gives to the startup ecosystem.

Since the inception of his career, he has funded a total of 8 companies at the early and seed stages. As for his experience, Pen King serves as a General Partner at Innovating Capital and has co-founded Kain Capital. 

During the investment stage, Pen King focuses on startups that have decent growth potential and have ideas worthy of investment. 

The investment range of Pen King ranges from $500,000 to $3M. Some of his recent investments are:

Oakscale: Oakscale is a franchise development company that helps emerging brands reach their maximum potential. The company partners with impressive founders and drives franchise growth. Oakscale raised $1.2M in a Seed Round.

Pinn: Pinn is a software development company for digital identity solutions. The company uses artificial intelligence and sensor data to learn the attributes that make individuals unique. Pinn has raised funding over 1 round from 7 investors.

Rinse: Rinse is a rapidly growing start-up focused on taking care of its customers’ most time-consuming & repetitive chore. Rinse has raised $23.5M in total funding.

Oak Investment Partners

Website: Oak Investment Partners - Oak Investment Partners (oakvc.com)

Investor Type: VC Firm

Investment Interests: Software and Internet

Investment Stage: Seed and Late

Founded in 1978, Oak Investment Partners is one of the oldest VC firms that fund startups in Connecticut. The network was founded by Ed Glassmeyer and has funded a total of 525 companies, most at the seed stage. 

During the screening tests, Oak Investment Partners focuses on startups that can generate at least 4-6x ROI and provide innovative solutions. They have offices in Norwalk, Minneapolis, and Palo Alto, connecting several pitching competitions throughout the year.

With a strong focus on the tech landscape, Oak Investment Partners organizes several networking events to boost the startup growth in the region. 

The investment range of Oak Investment Partners isn't publically disclosed, yet they have invested more than $9B since inception. Some of their notable portfolio companies are:

Airspan Networks, Inc.: Airspan Networks is a global provider of 4G broadband wireless systems and solutions that deliver high-speed data, voice, and multimedia services. The company has secured funding in a PIPE (Private Investment in Public Equity) round.

Attivio, Inc.: Attivio is a company that provides a software platform integrating search, business intelligence, data warehousing, process automation, and analytics. 

Circle Internet Financial Limited: Circle is a global internet finance company built on blockchain technology and powered by crypto assets. Circle has secured funding in a Corporate Round.

Duedil Ltd.: DueDil is a company that provides an online tool that delivers a comprehensive source of information on businesses in the UK and Ireland. 

Sam Palmisano

Investor Type: Individual Investor

Investment Interests: Tech and Health

Investment Stage: Early and Seed

With a deep interest and rich background in tech, Sam Palmisano is also a Connecticut-based individual angel investor. He has served as the president of IBM. Similarly, Sam Palmisano also founded Palmisano LLC.

As for his investments, Sam Palmisano funds startups at the early and seed stages, aiming for profitability, During the screening tests, he prioritizes tech startups but also invests in the Blockchain and SaaS sectors.

The investment range of Sam Palmisano ranges from $100,000 upto $1M. Among 8 of his investments, some notable portfolio companies are:

Somewear Labs: Somewear Labs is a company that designs and develops satellite-enabled solutions. It offers a software platform that connects to satellite connectivity and provides situational awareness. 

Pryon: Pryon is an AI company that focuses on enterprise knowledge management. It connects enterprise employees to digital transformation through an Augmented Intelligence platform.

ClosedLoop.ai: ClosedLoop.ai is healthcare’s data science platform. It makes it easy for healthcare organizations to use AI to improve outcomes and reduce costs. Sam Palmisano invested in this company during a Series B round, where the company raised $34M.

Sandbrook Capital

Website: Home - Sandbrook Capital

Investor Type: VC Firm

Investment Interests: Renewable Energy 

Investment Stage: Seed

Sandbrook Capital is also a notable VC firm in Connecticut. The network was recently founded in 2021 by Alfredo A. Marti, Christopher Hunt, and Kenneth Ryan. Headquartered in Stamford, Sandbrook Capital strongly focuses on startups that have chances of growth and a dedicated team.

On an annual basis, Sandbrook Capital arranges 1-2 pitching competitions and funds many startups through their funds. Recently, they have announced the Sandbrook Climate Infrastructure Fund 1 and have already gathered $1.5B, thanks to their extensive network.

The investment team consists of around 5 individuals who question startups about their growth, idea market, competitors, estimated exit time, and team. Once these startups get the investment, Sandbrook Capital highly focuses on their portfolio companies and provides them with the best mentorship. 

The investment range of Sandbrook Capital can range upto several million dollars, depending on the type of startup. Notable portfolio companies are:

Voltwise: Voltwise is a company that develops, owns, and operates flexible energy storage solutions to allow rapid deployment of renewables. 

Havfram: Havfram is an offshore wind infrastructure company that focuses on providing transport, installation, and development services for the offshore wind sector. Havfram has secured an additional USD 250 million in equity funding.

NeXtWind: A leading German renewable energy company dedicated to leveraging existing clean power infrastructure by upgrading onshore wind farms.

Fairview Capital Partners

Website: Fairview Capital

Investor Type: VC Firm

Investment Interests: Tech

Investment Stage: Early and Seed

Founded in 1994 by Laurence C. Morse and JoAnn H. Price, Fairview Capital Partners is a network of some of the most experienced investors. 

Headquartered in West Hartford, Fairview Capital has made several investments as they started startup funding some years back. The network specializes in funding early and seed-stage startups. 

During the screening tests, they fund startups that have the required knowledge about their competitors, understand business marketing, and have the potential to change the direction of their startup. 

Aside from their investment activities, Fairview Capital Partners also organizes different kinds of startup programs and invites experienced investors. 

Recently, Fairview Capital Partners has hosted a virtual session in partnership with the State Universities Retirement System of Illinois, providing insights into the leading diverse and emerging manager program. The investment range of Fairview Capital Partners can range upto several million dollars. 

Greenhaven Partners

Website: Greenhaven Partners

Investor Type: VC Firm

Investment Interests: Telecommunications, Media, Tech, SaaS

Investment Stage: Early and Seed

As a private equity firm, Greenhaven Partners also makes startup investments in Connecticut and boost the ecosystem. Founded by David Beck in 2000, Greenhaven Partners has funded many startups, mostly related to tech and SaaS. 

During the investment, Greenhaven Partners prioritize growth stages startups that are estimated to generate at least 3x ROI within 12 months of funding.

The investment range of Greenhaven Partners ranges from $100,000 to $1M. Some of their recent investments are:

Bongarde: Bongarde is a provider of web-centered information and training tools focused on the compliance and education needs of safety, environmental, and human resource professionals.

Pyramid Research: Pyramid Research offers practical solutions to the complex demands clients face in the global telecommunications, media, and technology industries. Their analysis is uniquely focused on the identification and assessment of growth opportunities.

Vizeum Connections: Vizeum Connections is a provider of marketing services as a media agency. The company focuses on consumer motivation and develops marketing around those motivations.

Wrap Up

Although many entrepreneurs confuse angels with VC firms, it should be understood that both have a different style and investment ranges when funding startups.

Individual angels are often more into early-stage startups and make investments within the range of $1M. In contrast, VC Firms mostly target early, seed, and late startups, sometimes funding more than $100M.

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