November is typically a slow month for companies looking to raise capital, but several Colorado businesses raked in the dough.
The five Colorado businesses that secured the most capital in November pulled in a collective $130.9 million, with funds going toward hiring, product development and expansions.
The amount of capital raised in Colorado’s five largest rounds last month is down from October’s $395.3 million total and up from August’s $61 million sum.
RADICL — $9 million
Co-founded by David Graff and brothers Matt Petersen and Chris Petersen, RADICL is a cybersecurity startup protecting small to mid-sized businesses in the defense industrial space and those serving critical infrastructure. The Boulder startup raised $9 million in early-stage funding in mid-November. RADICL CEO Chris Petersen said the startup’s goal is to use technology to become clients’ security operation teams and to do so affordably. Chris Petersen also co-founded LogRhythm, which was acquired by Thoma Bravo in 2018.
AllCity Network — $9.4 million
Denver-based AllCity Network is a digital sports network and lifestyle brand. It’s the parent company of DNVR, which covers Colorado sports, and similar networks in Chicago, Phoenix and Philadelphia. AllCity raised a $9.4 million Series A round last month led by former NBA player Andre Iguodala’s Mosaic fund. The funds will be used to double the size of the company, according to online publication Marketing Brew. AllCity plans to launch in new markets next year.
Govly — $9.5 million
Software developer Govly aims to help businesses find government work through contracts and partnerships and recently raised a $9.5 million Series A to further its mission. Founded in 2021, the Denver-based startup is now valued at $41 million and expects to be profitable by the end of the year, according to TechCrunch. Led by Insight Partners, the Series A capital will go toward hiring and expanding Govly into state and local education opportunities.
Ursa Major — $38 million
Berthoud-based Ursa Major announced it raised $138 million on Nov. 30 as two rounds — a $100 million Series D earlier this year, per TechCrunch, as a Series D-1. The Series D and D-1 rounds are one of the largest venture capital investments raised by a Colorado company this year. The fresh funds will go toward developing Lynx, Ursa Major’s new solid rocket motor (SRM) program, scaling production and advancing its other programs. Ursa Major CEO and founder Joe Laurienti told the Denver Business Journal the startup aims to achieve “low volume production” of SRMs next year.
FusionAuth — $65 million
FusionAuth, a customer identity and access management platform for developers, raised its first round of outside capital in November after being bootstrapped for five years. The $65 million growth equity investment comes from Updata Partners and is equivalent to a Series A, CEO and founder Brian Pontarelli said. Although the Broomfield-based company has more than doubled its revenue each year, FusionAuth decided to raise capital now to scale to meet market demand. The funds will go toward hiring efforts.
