Venture capital funding across the U.S. continues to slow, but fundraising in Colorado has remained steady over the past three quarters. The start of Q3 2023 is no different.
Several local companies operating in the biotech, manufacturing and transportation industries kicked off the new quarter by closing venture capital rounds last month.
Here are the five Colorado companies that pulled in the most capital last month. These businesses plan to invest in the local economy through hiring initiatives and tech advancements.
Ad Fontes Media — $4.2 million
Westminster-based Ad Fontes Media helps businesses and consumers understand media biases. The company secured a $4.2 million Series A round in mid-July to expand into Brazil and India and launch new training models to identify media biases. Aion Ventures led the round, which also saw participation from New Community Transformation Fund-Denver and advertising tech entrepreneur Will Luttrell.
Eagle Creek — $5 million
A spinoff of VF Corp. (NYSE: VFC), Eagle Creek is a Steamboat Springs-based luggage and travel gear brand. Eagle Creek raised $5 million in equity on July 20, according to a filing with the U.S. Securities and Exchange Commission. According to the filing, approximately $2 million of this raise will go toward paying indebtedness owed to Eagle Creek owner and CEO Travis Campbell. VF announced it was selling Eagle Creek to Campbell, the former president of emerging brands at VF, in September 2021.
Opolis — $6.6 million
Digital employment platform Opolis closed on a $6.6 million bridge round at a $50 million valuation in mid-July. The Denver-based startup is built on blockchain technology and gives gig and contract workers access to employment benefits such as payroll, insurance and legal support. Currently operating in 48 states, Opolis plans to expand into all 50 states and Puerto Rico later this year and hire up to 10 people over the next 12 months.
Fluid Truck — $17.8 million
Fluid Truck provides businesses and individuals with rental cargo vans, pickup trucks and box trucks. The company secured $17.8 million in equity funding from 35 investors in July, according to a filing with the SEC. This capital comes two years after Fluid Truck raised a $63 million Series A round.
Nexo Therapeutics — $60 million
Nexo Therapeutics is a biotech startup that researches and develops new drugs for cancer patients. The company emerged from stealth in late July and raised a $60 million Series A round. It also partnered with the University of Texas MD Anderson Cancer Center.
