Right or wrong, much of the focus on Colorado's startup scene is on the Denver and Boulder ecosystems.
Colorado startups raised nearly $2.5 billion across 390 venture capital deals in 2019, according to the latest Venture Monitor report from PitchBook and the National Venture Capital Association. Startups in Denver accounted for nearly all of that funding, bringing in $2.4 billion, according to the report.
While those two cities are home to much of Colorado's innovation activity, plenty of other incredible business is done in rural parts of the state.
Greater Colorado Venture Fund (GCVF) knows this and has launched a new initiative to get funding to startups in remote parts of the state.
As part of the newly launched Greater Colorado Pitch Series, startups located in rural Colorado outside of the Fort Collins through Colorado Springs urban corridor have until June 30 to apply for up to $250,000 in investment. This virtual and fully remote pitch event will be broadcast online on July 30.
GCVF, a $17.5 million fund with investments in 14 rural Colorado companies to-date, has committed to invest $250,000 into the Pitch Series winners.
"We miss traveling to these communities to see firsthand the incredible work of our rural Colorado founders," Cory Finney, a partner with GCVF, said in a statement. "These rural entrepreneurial communities make us feel like locals when we visit their hometowns; we look forward to bringing that same spirit to this new digital format for entrepreneurs and viewers alike."
The Pitch Series was originally scheduled to be a statewide event series, culminating in a finals event in Grand Junction during West Slope Startup Week. Due to Covid-19, this format was canceled and GCVF pivoted to a virtual event.
"The Greater Colorado Pitch Series will be a first for Rural Colorado," Marc Nager, a partner with GCVF, said in a statement. "While we have a quiet history of large business success stories, these parts of the state have never had dedicated growth capital available to them."
The deadline for founders to apply online is June 30 and GCVF will run an accelerated investment process to select the presenting companies, each of which will receive pitch coaching and access to mentors and resources.
