Connecticut Innovations has launched the application period of its $5m VentureClash challenge.
The first-round application will run until June 9th, and following two rounds of judging, around 10 companies will be invited to the finals event. During the event, the startups will be judged by an external panel to pick a winner.
VentureClash is a global venture challenge for early stage FinTech, InsurTech, IoT and digital health companies. The winning company will receive $1.5m, and the remaining $3.5m will be distributed to other companies based through votes from judges on the event day.
This is the firm’s third time of holding the event and hopes to attract more corporate partners.
To apply for the challenge, companies need to have been in business for 12 months, have paying customers or customers actively testing the product, have a reason to create a presence in Connecticut, and be focused in the specified sectors.
Connecticut Innovations CEO Matt McCooe said, “VentureClash and CI are helping incredible companies grow and succeed here in Connecticut. As one example, Dream Payments, the 2016 top winner of VentureClash, has gone on to raise two rounds of funding for more than $10 million. Dream has since launched in the United States, won major banks and insurance companies as customers, and announced partnerships with major credit and payments companies.”
Last week, Techstars named the next 10 companies to join the Barclays Accelerator’s London program. International student bank account UniZest, fraud protection company Dev/Con and SME insurance platform Nimbla are some of the companies to join the program.
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