While Colorado’s startup ecosystem is growing at a rapid rate, access to capital for growth stage startups remains an issue.
And when Covid-19 hit, that need was only amplified.
In an effort to connect promising companies with the capital they need to rapidly grow, local community group Colorado Startups has launched a new, free resource to guide companies to available capital.
Colorado Startups Manager Paul Foley said growth capital and leadership talent are two of the biggest needs for local startups. These needs, made more apparent by the global pandemic, led to Capital Connect.
“There are now a healthy amount of early-stage resources, such as courses, accelerators and studios in Colorado for founders to start and validate their business,” he told Colorado Inno over email. “However, for the companies that have moved passed that, we found a lack of growth capital resources in the state.”
Capital Connect is meant to help these growth companies by providing three different types of financing: angel, SaaS and inventory. The group has partnered with Denver Angels, Kickfurther and Bigfoot Capital to find the right fit for companies looking for capital to scale.
Interested applicants can fill out a short survey on Colorado Startups’ website and will be contacted by someone from Capital Connect to discuss the options available to them.
Thus far, Foley said the reception to the new service has been overwhelmingly positive.
“Startups appreciate being shown resources that help their business, and the financing organizations we've partnered with are some of the most innovative companies in their industry that provide a much-needed capital solution,” he said.
In addition to Capital Connect, Colorado Startups also recently re-launched an improved version of its job-pairing platform, Jobs Connect. Created in partnership with Paired, Jobs Connect pairs top talent with the best startups in Colorado, while avoiding the typical hassle of job boards and recruiters.
Job seekers and hiring companies can fill out a short survey that will connect them with the best opportunities and candidates available.
While Capital Connect was launched during this global pandemic, Foley said the service will continue to operate as long as it needs to.
“It's going to keep running until growth capital is no longer a highly needed finance option for startups in Colorado,” he said.
