Connecticut Innovations, formed nearly four decades ago to support Nutmeg State startups, is on a heater.

• It wrote the first $100,000 check for Veradermics, which went public earlier this year and has seen its stock price surge more than 550% for a $4.6 billion market cap.
• Same for Halda Therapeutics, which sold at the end of 2025 for $3.05 billion. And an early investment in Quantum Circuits, which recently sold for $550 million.

Why it matters: We don't usually pay much attention to what happens between the startup hotbeds of New York and Boston, nor to the role of quasi-public venture capital funds.

Catch up quick: Connecticut Innovations was formed by the state, with a dual mission of investing in local companies and helping to create jobs.

• Those KPIs still exist, but CI now runs more like a traditional venture capital firm.
• Its comp structure has become competitive with the private sector, invests using standard NVCA documents, and has a portfolio ops team.
• CI hasn't taken new dollars from taxpayers in roughly a decade, instead recycling returns, although its board is still politically appointed. It also manage Connecticut's allocation under the federal SSBCI program.

Zoom in: CI is approaching $600 million in AUM, and seeks to invest around $50 million per year.

• Around half of that goes to life sciences, boosted by spinouts from Yale and UConn. It also has a dedicated climate-tech fund and around 15 investments in third-party VC funds for firms with at least one GP in Connecticut.
• It's made a handful of non-local investments, including in Canadian and Israeli startups, with plans to help those startups create in-state presences.
• "If a company ultimately doesn't grow in Connecticut — for example, it hires someone here and later eliminates that position — that doesn't trigger penalties or clawbacks," explains CI senior managing director Matt Storeygard. "It simply makes it less likely we'll participate in future financing rounds."

More from Matt: "I see lots of people want to create the 'Silicon Valley of the Midwest' or the 'Silicon Valley of Florida' or whatever. I think Connecticut has a lot of potential in a lot of areas, but we also know what does and doesn't make sense for us ... Obviously we're going to focus more on something like biotech than on oil and gas."

The bottom line: There's riches in Connecticut beyond its Gold Coast.

FIFA, global soccer's governing body and World Cup organizer, is seeking to raise up to $4.2 billion for a new commercial subsidiary at a $20 billion valuation led by Joshua Kushner's Thrive Eternal.

Why it's the BFD: This would be the first time FIFA has ever sought outside investment.

Zoom in: The new subsidiary would cover all of FIFA broadcasting, sponsorship and tournament assets.

• Were the $4.2 billion to be raised, each of FIFA's 211 member organizations would be entitled to an immediate $20 million payout — which FIFA boss Gianni Infantino is dangling as a carrot to get support for a plan that already has sparked talk of a possible World Cup boycott.
• Kushner launched Thrive Eternal earlier this year. Its first deal was for a minority stake in MLB's San Francisco Giants.

The bottom line: "The new entity would allow FIFA to put a market value on some of its most valuable commercial assets at a time when demand for premium live sports rights is high." — Giles Turner, Bloomberg

• ThreatLocker, an Orlando, Fla.-based zero trust security company, raised $190m in Series F funding. Elephant led, joined by D.E. Shaw Ventures, Arthur Ventures, and Koch Disruptive Technologies. axios.link/4woCEad

• CAIS, an alts investment platform for independent financial advisors, raised $170m in Series D funding at a valuation north of $2b. Vista Equity Partners led, joined by AllianceBernstein, Blue Owl Capital, Carlyle, Fortress Investment Group, Golub Capital, Lord Abbett, and RBC. axios.link/3TvjWiI

• Groundcover, an Israeli observability startup, raised $100m in Series C funding, per Axios Pro. One Peak led, joined by Morgan Stanley Expansion Capital and insiders Zeev Ventures, Angular Ventures, Heavybit, and Jibe. axios.link/4vWsSeq

• Freehand, an SF-based supplier payment automation startup, raised $75m in seed funding at a $300m post-money valuation, per Axios Pro. Battery Ventures led, joined by former U.S. Commerce Secretary Penny Pritzker, Nexus Venture Partners, and NewRoad Capital Partners. axios.link/4vXGN45

• ChipAgents, a San Jose, Calif.-based developer of agentic AI platforms for semiconductor design, raised $60m in Series A2 funding from B Capital, Bessemer Venture Partners, Micron, MediaTek, Ericsson, and ScOp. axios.link/45tjK6b

🌎 Claros Technologies, a Minneapolis-based developer of PFAS-destruction tech, raised $55m in Series B funding. Treehouse Family Capital led, joined by Daikin America, Veralto, Bush Foundation, Nord Asset Management, and Saint Paul & Minnesota Foundation. axios.link/4pJwE9z

• Fish Audio, a Palo Alto, Calif.-based developer of AI voice models, raised $52m in seed funding. Coreline Ventures and Capital Today led, joined by 359 Capital, Parable, Play Time, Alphalist Partners, Bayhouse Ventures, Carya Venture Partners, and HF0. axios.link/4vYr5FM

• Harmony, an AI platform for employee support, raised $34m in seed funding. Lightspeed led, joined by Hitachi Ventures, Fin Capital, Mercer Ventures, and Operator Partners. axios.link/3TpdD0a

• Agon, a U.K. developer of virtual battlefields for drone defense, raised $30m in pre-seed and seed funding from Lakestar, 201 Ventures, D3, XYZ, Lux Capital, and Northzone. axios.link/4fJTLMM

• COR, a project profitability platform for agencies and professional services firms, raised $30m from FTV Capital. axios.link/44UUjui

• Greyparrot, a London-based waste intelligence startup, raised $27m in Series B funding led by Omar Mir. axios.link/44TaCYs

• Array Labs, a Redwood City, Calif.-based radar satellite developer, raised $21m. Mitsubishi Electric led, joined by Catapult Ventures, Kompas VC, and YC. axios.link/3RWuQO2

• Greentank, a Canadian vaping tech startup, raised US$20m at a $170m pre-money valuation led by AIR Global, per Axios Pro. axios.link/4pMXzBw

🚑 Qureight, a U.K. clinical trials imaging startup, raised US$20m in Series B funding. Molten Ventures led, joined by insiders Hargreave Hale AIM VCT, XTX Ventures, Guinness Ventures, Meltwind, and Ascension. axios.link/4fDkPNx

• Terminal, a Toronto-based commercial fleet telematics data startup, raised US$20m in Series A funding, per Axios Pro. Battery Ventures led, joined by Intact Private Capital, Penske, and Wayfinder Ventures. axios.link/4bljud3

• Centralize, a relationship intelligence platform for enterprise revenue teams, raised $19m. NEA led, joined by Salesforce Ventures, YC, 20SALES, Ritual Capital, and Adverb Ventures. axios.link/4blwOhz

• Henry AI, a back-office automation platform for commercial real estate, raised $16.5m in Series A funding. FirstMark Capital led, joined by Thomson Reuters Ventures, YC, Susa Ventures, 1Sharpe, StoryHouse Ventures, Pioneer Fund, RXR Arden Digital Ventures, Karman Ventures, and Coalition Operators. axios.link/3U1Gc3O

• Weave, an SF-based engineering intelligence layer to stop tokenmaxxing, raised $13.5m in Series A funding. Standard Capital led, joined by YC, Moonfire, Burst Capital, IrregEx, and the Agent Fund. axios.link/4yL8dN2

• Unit AI, a warehouse automation startup, raised $12m in seed funding, per Axios Pro. Backers were Prologis Ventures, Dynamo Ventures, Ground Up Ventures, Recursive Ventures, eGateway Capital, Think+ Ventures, ZEP Fund, and Crosscourt. axios.link/44U5nb6

🌎 Alpen High Performance Products, a Louisville, Colo.-based maker of high-efficiency windows and glazing systems, raised $6m toward a targeted $10m Series B led by Inherent Capital and Arborview Capital. axios.link/4vUwPQU

• Credible Data, a Boulder, Colo.-based business context platform for enterprise AI, raised $10m in seed funding from Gradient, SignalFire, K5 Global and SV Angel. axios.link/4yGrDTv

• Modus, an Israeli context platform developer for AI agents, raised $10m in seed funding, per Axios Pro. Insight Partners led, joined by Soma Capital and Bullet Ventures. axios.link/4pHQ2DP

• Pangram, an NYC-based AI detection startup, raised $9m. Menlo Ventures led, joined by Haystack, ScOp, Script Capital, and Cadenza. axios.link/3RgVy3O

🚑 Mirae, a continuous care platform for autoimmune disease, raised $5.4m led by Oxford Science Enterprises. axios.link/4vYNzX3

• Apax Partners agreed to acquire Ohio-based Centor and another plastic packaging business from Germany's Gerresheimer for €1.5b. axios.link/4hD5KOC

• Bain Capital agreed to lead a $1.5b investment in Eaton Fiber, an affiliate of Tillman Global Holdings, for expansion of Verizon fiber broadband network deployment. axios.link/3U2aGCP

🚑 Decera Clinical, a health care portfolio company of The Riverside Co., invested in Onviv, a health-care insights platform. axios.link/4pG8YCU

• Golub Capital made a growth equity investment in Church's Texas Chicken, an Atlanta-based chicken chain. axios.link/3Tt1w23

• Grant Thornton agreed to buy CBIZ (NYSE: CBZ) for $5b in cash, creating one of the country's largest accounting firms. Grant Thornton backer New Mountain Capital is making a new investment to support the deal. axios.link/4fLw0nx

• Lafayette Instrument, a Branford Castle portfolio company, acquired Avisoft Bioacoustics, a ultrasonic vocalization company. axios.link/4beWYT5

• Perpetual (ASX: PPT), a Sydney, Australia-based asset manager, rejected a third takeover bid for EQT, this one valued at A$2.6b, but said it would continue to engage. axios.link/3Rj18mf

• Providence Equity Partners is investing additional capital into talent agency The Team, in order to buy out founder Casey Wasserman. axios.link/44UQFR8

• Stonepeak and CMA CGM completed the formation of a shipping joint venture called United Ports, which included Stonepeak investing $2.4b for a 25% stake. axios.link/4c6uL0W

• TA Associates invested in Oxane Partners, a London-based provider of tech solutions to the private credit industry. axios.link/44UWspO

• Tower Arch Capital recapitalized Boxzooka, a Secaucus, N.J.-based 3PL and fulfillment provider for e-commerce brands. axios.link/4bSA3NB

• AlgoSec, a Ridgefield Park, N.J.-based cybersecurity company, is considering a London IPO, per Bloomberg. It's working with Barclays and has raised over $35m from firms like Claridge Israel. axios.link/3TJLSzo

• GrubMarket, an SF-based food supply chain startup, filed confidential IPO papers, per Bloomberg. It's raised $665m in VC funding, most recently at a $4.5b valuation, from firms like GGV Capital, Battery Ventures, Great Oaks VC, Celtic House, WI Harper, Fosun International, Reindeer Investments, Kinzon Capital, Future Food Fund, Portfolia Funds, Liberty Street Funds, RD Heritage Group, Flume Ventures, and MY Securities. axios.link/4bN3wZg

• Bloomberg LP agreed to acquire Canoe Intelligence, a private market data platform that had raised over $80m from firms like 10 East, Goldman Sachs, Eight Roads, F-Prime Capital, Blackstone, Carlyle, Nasdaq Ventures, Promus Equity Partners, and Portage Partners. axios.link/3TgMtsp

🚑 CVC Capital Partners is weighing a sale of Chinese retail pharmacy chain Yikang, which could be valued at up to $600m, per Bloomberg. axios.link/3TGtPdp

🚑 Included Health, a care navigation company valued at $1.3b, agreed to acquire Firefly Health, a Watertown, Mass.-based health plan and primary care company that had raised over $115m from firms like F-Prime Capital, Mana Ventures, and What If Ventures. axios.link/4xdneG4

• Qualcomm (Nasdaq: QCOM) completed its $3.9b all-stock acquisition of Modular, an AI software development platform that had raised $380m in VC funding from GV, Greylock, General Catalyst, USIT, DFJ Growth, SV Angel, Acorn Pacific Ventures, and Alpha Intelligence Capital. axios.link/4vvnorN

💎 Anglo American (LSE: AAL) is in talks to sell diamond unit De Beers for around $1b. Yes, two years ago it rebuffed a $49b approach from BHP for the same business. axios.link/3RJt02O

• AT&T (NYSE: T) completed its $23b purchase of wireless licenses from EchoStar (Nasdaq: ECHO), nearly a year after signing the agreement. axios.link/44YX2CT

• Frasers Group (LSE: FRAS) took over a 4% equity stake in Burberry (LSE: BRBY), making it the luxury brand's third largest outside shareholder. axios.link/4yK4yiF

• Pentair (NYSE: PNR) agreed to buy Taco Group, a hydronic and water-based solutions company, for $1.4b. axios.link/4gX76DD

• Schneider Electric (Paris: SU) is in talks to buy Shelly Group, a listed Bulgarian IoT device maker. axios.link/4bkunvB

• S&P Global Ratings acquired a majority stake in Nigeria-based ratings agency Agusto & Co. axios.link/3RicN4L

• Jump Capital raised $350m for its eighth early-stage VC fund. axios.link/4bOuGPs

• Savano Capital Partners of Baltimore raised $252m for its fourth direct secondaries fund. axios.link/4fsyjwU

• Wind Point Partners, a Chicago-based PE firm, raised $3.2b for its 11th flagship fund. wppartners.com

• AE Industrial Partners named Rear Adm. (Ret.) Butch Dollega as an operating partner. He spent over three decades in the U.S. Navy, most recently leading legislative affairs. axios.link/4bSIuZh

• Michael Shmulevich joined Gemspring Capital as a principal. He previously was with Cerberus. axios.link/4wCTouz

99.5

That's the percentage of individual investors who oppose the SEC's proposal to ease requirements that companies release quarterly financials, per a new analysis.

• The agency has received some 221,000 comments in total — a record number, a person familiar with SEC operations tells Axios' Emily Peck.