Navigating Venture Capital in Colorado: A Founder’s Guide to the Top 20 Firms
Colorado has become a thriving hub for startups, attracting founders with its strong investment landscape, supportive entrepreneurial community, and high quality of life. Cities like Denver, Boulder, Colorado Springs, and Fort Collins have emerged as key innovation centers, fostering high-growth companies across industries such as Tech, SaaS, AI, Cleantech, HealthTech, and Outdoor & Adventure Tech.
With a rapidly growing venture capital presence, Colorado offers founders a compelling alternative to traditional startup hubs like Silicon Valley and New York. This article provides a curated list of the top 20 venture capital firms actively funding startups in Colorado, along with actionable insights to help founders navigate fundraising and scale their businesses successfully.
Factor[e] Ventures
About: We are a team of impact venture builders dedicated to supporting the people and ideas that turn challenges in energy, agriculture, mobility, and waste into de-carbonized solutions for emerging and frontier markets.
Sweetspot check size: $ 500K
Access Venture Partners
About: Access Venture Partners is a seed and early stage venture capital fund. The Fund invests between $250,000 and $2,000,000 in mid-continent technology companies with hyper-growth potential. They have offices in Austin, Denver and Silicon Valley, three of the most active technology markets in the country.
Traction metrics requirements: Access will generally invest in companies with $1M-$3M in revenue. Dependent on the company, they will also invest with less that $1M or $3-10M in revenue.
Thesis: We focus on technology-based businesses that have the seeds of a great management team and the ability to grow at “venture pace” in a large addressable market with strong gross margins.
Moxxie Ventures
About: Moxxie Ventures is a $25M seed-stage fund that invests in founders who make life and work better.
Sweetspot check size: $ 1M
Thesis: Make life and work better. Climate positive.
SpringTime Ventures
About: Seed stage fund focused on technology investments in the Rockies.
Sweetspot check size: $ 500K
Thesis: We look for founders with domain expertise, forging a path with a truly transformative technology.
Boomtown
About: Boomtown Boulder Tech Accelerator designed to help promising startups optimize, revolutionize, and accelerate their development and growth.
Thesis: Boomtown Accelerators help early-stage startups turn ideas into profitable, sustainable businesses, with customized programs for what companies need most, when they need it most.
Green Lion Partners
About: Green Lion Partners is a Denver, CO based business strategy firm focused on early stage development in the regulated cannabis industry.
Sweetspot check size: $ 3.30M
Thesis: Empowering business through innovative professional practices
Ridgeline Ventures
About: Ridgeline Ventures is a venture investment firm in natural foods and active lifestyle companies.
Sweetspot check size: $ 5M
Traction metrics requirements: At least $5M in revenue; we strongly prefer profitable companies
Thesis: Better-for-you and better-for-the-planet products and services; we prefer majority-stake investments/acquisitions
Blackhorn Ventures
About: Blackhorn Ventures is an early stage venture firm that invests in capital-efficient companies redefining resource use, enabling the decarbonization of the toughest to transition sectors in our economy (Transportation, the Built Environment, Supply Chain, and Energy).
Thesis: Blackhorn Ventures invests in world-class founders building digital infrastructure to redefine industrial resource efficiency.
Colorado Impact Fund
About: The Colorado Impact Fund (CIF) is a Denver-based venture capital firm investing in Colorado companies with high-growth, scalable business models and a commitment to make their community better. CIF was created to support a growing entrepreneurial and impact ecosystem throughout the state of Colorado. CIF manages approximately $80 million of private capital with the Colorado Impact Fund I and the Colorado Impact Bridge Fund.
KEY Investment Partners
About: KEY Investment Partners is a venture capital firm focused on providing capital to early-stage cannabis companies.
Sweetspot check size: $ 1M
Traction metrics requirements: Over 1,000,000 annualized revenues
Greater Colorado Venture Fund
About: Investing in early-stage ventures outside of the front-range in Colorado. Industry agnostic. Strong preference for companies past MVP or proof of concept phase.
Traction metrics requirements: Early stage venture investing in rural Colorado.
University of Colorado Healthcare Innovation Fund
About: The CU Healthcare Innovation Fund is a strategic healthcare focused venture capital firm affiliated with the University of Colorado Anschutz Medical Campus. The fund invests in companies and leverages the CU Anschutz Medical Campus ecosystem, including UCHealth, Children’s Hospital Colorado, CU Medicine and the CU School of Medicine, to support the fund’s portfolio companies.
Thesis: The fund invests in CU Anschutz spinouts and external companies in the areas of digital health, tech-enabled services, medical devices, diagnostics and therapeutics.
AI Capital
About: AI Capital is a venture capital firm based in Denver, Colorado with operations in Boston and the Netherlands. The firm invests in growth-stage enterprise applied artificial intelligence software companies around the world that focus on the digitization of society and business. The companies we invest in facilitate and foster resilience in the supply and delivery of critical goods and services. AI Capital’s overarching mission is to promote, create and execute on lasting and positive economic development.
Thesis: AI Capital is an innovative capital source with thematic investment in enterprise artificial intelligence software companies. We focus on applied enterprise AI that impacts the greater societal good: Food Supply (AgTech, Supply Chain), Manufacturing (3D Printing, Supply Chain), Life Sciences, Healthcare, Natural Resources (Energy, Power Distribution), and Public Safety (Cybersecurity).
We invest at late-seed to Series A with follow-on to Series B rounds.
Stout Street Capital
About: Stout Street Capital is an seed-stage fund that seeks to invest in early-stage companies focused on improving efficiency and generating bottom-line value in large established sectors in the market. Stout Street’s Value Fund-II is currently focused on post-revenue, seed-to-series-A investments in companies valued at less than $10 million. Stout Street’s Value Fund-I has invested in 36 companies by the end of 2018 and Stout Street Value Fund-II is projected to invest in 50 companies with an average initial investment of 100k by 2020. We usually reserve 500k-$1M in follow on investment for our portfolio companies.
Sweetspot check size: $ 100K
Konvoy Ventures
About: Konvoy Ventures is a venture capital fund dedicated to esports & video gaming
Sweetspot check size: $ 1.50M
Thesis: We invest in the infrastructure technology, tools, and platforms of tomorrow’s video gaming industry.
Matchstick Ventures
About: Matchstick Ventures helps startups strike by investing in startups at the seed and early stage.
Sweetspot check size: $ 1M
Thesis: Matchstick Ventures helps startups strike by investing in startups at the seed phase.
LabStart
About: LabStart is building accessible pathways for underrepresented entrepreneurs to bring climate technologies from lab-to-market. A trove of valuable, scalable climate technologies continues to sit dormant - untapped and hidden behind research institution walls. To unlock these ready-innovations in a way that generates equitable market opportunities for underserved communities, we match market-ready tech with talented entrepreneurs selected from the front lines of climate change. We are a team of entrepreneurs, national lab researchers, commercialization consultants, investors, and programmatic experts. We fund full-time entrepreneur-minded fellows to discover, build, and launch startups based on technologies developed in premier research laboratories.
Break Trail Ventures
About: Break Trail Ventures is an early stage venture fund based in Columbus, OH and Boulder, CO. At BTV, we’re looking to partner with entrepreneurs who are breaking trail in their industry, creating best in-class products, and leading the way for future generations.
Thesis: We’d love to hear your game changing idea and help grow it to new levels. Ultimately, we are here to partner WITH you and make dreams into reality.
Foundry Group
About: Based in Boulder, Colorado, Foundry is one of the largest networks of entrepreneurs and early-stage investors in the country. Founded in 2007, our firm manages more than $3.0Bn for our limited partners and has made more than 320 investments and more than 70 exits.
Foundry is a unique offering in the venture capital market with a symbiotic network that propels innovation. This network comprises over 75 portfolio companies and more than 40 partner funds generating a trusted community spanning founders, CEOs, partner fund managers, limited partners, and other executives within the Foundry ecosystem. Empowering this portfolio of companies and VC funds to connect, share, and learn from each other is the objective, and we are proud to support this enterprise.
Upslope Ventures
About: Upslope Ventures is an early stage venture capital fund that invests in startups across the country. We believe exceptional teams can originate from any location. We provide more than capital and introductions. By leveraging our network we aim to empower entrepreneurs with the resources they need to have their best chance at success - even if we don’t invest.
Why Raise Venture Capital in Colorado?
Colorado has emerged as a compelling destination for startup founders seeking venture capital, offering distinct advantages over traditional hubs like Silicon Valley and New York City.
Advantages of Fundraising in Colorado
- Cost Efficiency: Operating in Colorado is generally more affordable than in Silicon Valley or NYC, allowing startups to allocate resources more effectively.
- Access to Diverse Industries: Colorado's economy is diversified, encompassing sectors such as technology, aerospace, healthcare, and renewable energy, providing startups with a broad spectrum of opportunities.
- Quality of Life: The state's high quality of life attracts top talent, offering a balance of professional opportunities and lifestyle benefits.
Funding Trends in Colorado
In the first half of 2024, Colorado companies secured approximately $794.6 million in public capital through mergers and acquisitions, post-IPO debt, and equity offerings. Additionally, state entities and research institutions received $257.9 million in grants, while private capital investments amounted to $155.3 million, indicating a robust funding environment.
Notable success stories include Outrider, a Brighton-based autonomous truck startup, which raised $62 million in a Series D funding round in October 2024. This investment, led by Koch Disruptive Technologies and New Enterprise Associates, underscores the confidence investors have in Colorado's innovative ventures.
Fundraising Strategies for Colorado Startups
Networking Opportunities
Building a robust professional network is essential for founders seeking capital. Colorado hosts several events that facilitate connections between entrepreneurs, investors, and industry experts:
- Denver Startup Week: Celebrated as the largest free entrepreneurial event of its kind, Denver Startup Week offers sessions, workshops, and networking opportunities, fostering collaboration within the startup community.
- Destination Startup: Organized by Venture Partners at CU Boulder, this annual showcase connects startups with investors and business leaders, aiming to accelerate the commercialization of innovative technologies.
- Colorado Startups' "Party on a Tuesday": An annual celebration that unites the startup community, providing a platform for entrepreneurs to network and share experiences.
Accelerators and Incubators
Participating in accelerator and incubator programs can provide startups with mentorship, resources, and access to funding. Notable programs in Colorado include:
- Techstars Boulder: A renowned accelerator that offers mentorship and funding to early-stage startups across various industries.
- Innosphere Ventures: Based in Fort Collins, Innosphere supports science and technology companies by providing business support and assistance in accessing capital.
- Boomtown Accelerators: Located in Boulder, Boomtown offers programs that help startups refine their business models and prepare for growth.
- SCAPE (Southwest Colorado Accelerator Program for Entrepreneurs): Focuses on scaling high-growth companies in Southwest Colorado by providing resources, mentoring, and access to funding.
Alternative Funding Sources
Beyond traditional venture capital, Colorado startups can explore various alternative funding avenues:
- Angel Investors: Individuals or groups that provide early-stage capital in exchange for equity. Engaging with local angel networks can open doors to funding and mentorship.
- State-Sponsored Grants and Funds: The state offers grants and funding programs to support innovation and economic development. Resources like the Startup Colorado Funding Database provide information on available opportunities.
- Crowdfunding: Platforms that allow startups to raise small amounts of capital from a large number of individuals, often in exchange for early access to products or equity stakes.
Connect With Investors in Colorado Using Visible
At Visible, we often times compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors.
With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible.
- Find investors at the top of your funnel with our free investor database, Visible Connect and find a filtered list of Colorado's investors here.
- Track your conversations and move them through your funnel with our Fundraising CRM
- Share your pitch deck and monthly updates with potential investors
- Organize and share your most vital fundraising documents with data rooms
Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.
