What goes up must come down, right?
That statement echos true for Colorado’s funding scene. The five largest rounds raised in January totaled a whopping $5.2 billion. That number dropped to $347.2 million in February — a 93% decline month over month.
Companies still raised funds, but the round sizes were more in tune with what was seen in 2023.
CoRegen — $14.5 million
Aspen-based CoRegen is focused on effectively treating multiple types of cancer. The biotech startup said it identified a gene that can attack and kill cancer cells when engineered, according to its website. CoRegen, founded in 2022, raised $14.5 million in equity from one investor last month, according to a Form D filed with the U.S. Securities and Exchange Commission.
Wrapmate — $16 million
Wrapmate offers custom vinyl wrap on vehicles, with design, printing and installation done in-house. The Greenwood Village company pulled in $16 million from JettyCove, a private equity firm investing in tech-enabled companies and software. The recent investment will allow Wrapmate to build its network, accelerate its new product offerings and expand its brand through acquisitions. Wrapmate was founded in 2018 and has worked with businesses like Hickory House Ribs, Capstone Motorsports and 3M.
AtmosZero — $21 million
Fort Collins-based AtmosZero manufactures industrial electric boilers. Its modular boiler takes heat in the air and turns it into decarbonized steam at the temperatures customers need. AtmosZero raised a $21 million Series A round to speed up the commercialization of its Boiler 2.0 technology. Last year, the company partnered with New Belgium Brewing Co. for a pilot program at the brewery’s flagship location in Fort Collins.
Todyl — $50 million
Named a Colorado Inno Startup to Watch in 2022, Todyl is simplifying security for the distributed workforce with its unified security cloud platform that brings devices, clouds and end-users into a single network. The startup raised $50 million in equity from seven investors, according to a Form D filed with the SEC in late February. Todyl previously raised a $28 million Series A in March 2022.
Koloma — $245.7 million
Denver-based hydrogen exploration startup Koloma had a busy February. It raised $245.7 million on Feb. 9 and won $900,000 from the U.S. Department of Energy on Feb. 12. In late February, news broke that Koloma will establish a new lab at Ohio State University, where its co-founder still teaches. The $245.7 million raise came in the form of equity and an “option, warrant or other right to acquire another security,” according to a Form D filed with the SEC.
