Latest news with #PeterLongo
Yahoo
23-04-2025
- Business
- Yahoo
Connecticut Innovations Invests $7.4 Million in Early-Stage Companies in Q3 FY25
Deals leveraged $74.9 million in outside capital in the third quarter of the fiscal year NEW HAVEN, Conn., April 23, 2025 /PRNewswire-PRWeb/ -- Connecticut Innovations (CI), Connecticut's strategic venture capital arm, today announced that it invested approximately $7.4 million in 19 companies and venture funds during the third quarter of its fiscal year, ending March 31, 2025. CI's investments leveraged $74.9 million in outside capital and generated $4.9 million in proceeds during the quarter. CI invested close to $5 million in the healthcare sector, and approximately $1.4 million in climate tech. The remaining $1 million was invested in consumer companies and venture funds. "Healthcare continues to be one of CI's largest areas of investment," said Matt Storeygard, senior managing director of investments. "This quarter, we grew our healthcare portfolio with the addition of PursueCare, a tech-enabled, digital health startup offering evidence-based treatment, counseling, psychiatry and medication-assisted treatment through its innovative telehealth platform." To date, CI has invested $34.8 million and leveraged $566.8 million in FY25. "Despite fluctuations in the market, CI is still finding investment opportunities, growing Connecticut's innovation ecosystem and helping our current portfolio scale," said Peter Longo, senior managing director of investments. "Our team will continue to prioritize the growth of our companies as we navigate the current economic climate." Throughout FY25, CI has had 134 angels invest $16 million in 33 qualified Connecticut businesses through the Angel Investor Tax Credit Program. Applications on CI's site for angel investors will reopen on Sunday, June 1, 2025, and new approvals will be made beginning on Tuesday, July 1, 2025. About Connecticut Innovations: Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. By offering equity and debt investments, strategic guidance and introductions to valuable partners, we help promising businesses to thrive. For more information, please visit Media Contact Lauren Carmody, Connecticut Innovations, 860.258.7829, View original content to download multimedia: SOURCE Connecticut Innovations Sign in to access your portfolio
Yahoo
06-03-2025
- Business
- Yahoo
Finastra, i2c to offer digital wallet solutions to North American banks
Finastra and i2c have partnered to offer debit card issuance and digital wallet solutions to banks and credit unions in North America. The collaboration gives Finastra's clients an access i2c's card processing and value-added services. Under this partnership, banks and credit unions that transition their processing to i2c will be able to offer digital wallets such as Apple Pay, Google Pay, and Samsung Pay. Additionally, improved features such as cardholder alerts and controls will be available to customers. The solution is facilitated by API connectivity between i2c's card processing solution suite and Finastra Phoenix. This open and flexible core solution offers the agility needed for banks and credit unions to future-proof their operations. Finastra US Core and Digital Product Management vice-president Peter Longo said: 'i2c's agility and flexibility in delivering digital wallet solutions make them an ideal partner, as we look to offer our clients cutting-edge payment services, 'Our choice to partner with i2c was driven by their global reach, deep industry expertise, and ongoing ability to provide the most advanced technology, keeping our clients competitive in a rapidly evolving market. 'Together, we empower financial institutions with the tools they need to enhance customer experiences, streamline operations, and drive growth.' Launched earlier this year, the partnership aims to expand services in the months ahead. i2c Product global head Seth Perlman said: 'We're excited to partner with Finastra, a global leader in core banking. 'Together, we'll help financial institutions streamline their operations, improve their customer experience, boost profitability, and operate worry-free with our highly reliable and scalable platform.' "Finastra, i2c to offer digital wallet solutions to North American banks" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
01-03-2025
- Business
- Yahoo
Crisis brews as global drought set to send NYC's coffee prices soaring
A coffee crisis is brewing. The cost of New Yorkers' morning java is about to get even more expensive – by up to $1 – as a prolonged drought in Brazil, which produces nearly half the world's Arabica beans, sends shockwaves around the world. 'It's a nightmare,' said Peter Longo, whose family has owned New York's Porto Rico Importing Co. for three generations. Earlier this month, Arabica futures – which coffee roasters like Longo have to buy to get their supply – reached a historic high of $4 per pound on commodity markets, double the $2 price just a year ago. A severe drought has been ravaging vast areas of South America since 2023. The lack of rain has destroyed coffee crops and eroded global stockpiles. Two weeks ago, Longo raised the price of his bulk coffee beans from $15.99 to $16.99 a pound in response to the global shortage. On Monday, the price at his coffee bar is going up, by somewhere between 5-10% depending on the beverage. A medium latte or cappuccino will go from $4.90 to $5.20. Other coffee shops in the city are faced with the same dilemma, after already marking up prices to deal with raging inflation over the last three years. 'It's disturbing,' said Teodora Tomic, co-owner of Vibrant coffee in the West Village. 'We don't want to change the prices.' Tomic conceded the shop might have to raise prices by $1 but said they will wait until the spring or summer to see what happens with the cost of coffee beans. 'It's hard to compete with bigger businesses because they have secured their prices for the whole year,' said co-owner Stefan Tomic. Big companies hedge their bets by buying coffee contracts for multiple years on commodity markets. Starbucks said it would hit the pause button on price hikes at least through the fiscal year, though that ends in September. According to a coffee analyst, no brew business will escape 2025 unscathed. 'A lot of these high prices haven't hit the supply chain yet,' said independent coffee consultant Steven Colten. 'Roasters are going to have to raise prices.' Colten said retail coffee prices in New York could go up anywhere between 10 and 25% in the next few months. At a trendy coffee shop like Blue Bottle, where a medium latte currently sells for $7.25 without any add-ons, that would mean a hike of between 72 cents and $1.60, up to a high of $8.85. And New Yorkers are getting jittery. 'It's so expensive!' exclaimed Ana Rudnytska, on a coffee run for coworkers. 'I think that's crazy. The prices are already very high,' said Sam Zingerman at Starbucks. 'It's very hard to get just a good cup of coffee for a low price. I feel like it's become designer coffee almost,' said another customer.
