The Greater Colorado Venture Fund (GCVF) has announced the successful close of Fund II, having raised $25 million in collaboration with the Colorado Venture Authority. The venture capital firm, which focuses on investing in seed-stage companies in rural markets across Colorado, will deploy the initial investments from Fund II over the next five years.
Governor Jared Polis expressed his excitement about the partnership, saying, “We are continuing our efforts to strengthen Colorado’s robust economy and provide rural communities with well-paying jobs and support for small businesses. As a business person, I understand the importance of every dollar in building a business from scratch. I am proud of our bold initiative to support the state’s creative entrepreneurs.”
Since its launch in 2018, Fund I has raised $17.5 million and has made 29 investments with five exits. GCVF invests in 25-30 companies with an average initial check size of $500K, focusing on the outdoor recreation, B2B SaaS (Govtech, Cybersecurity), Energy, Aerospace, CPG, and Agtech industries.
It is well-known that less than 1% of venture dollars invested in Colorado go to rural communities. GCVF is looking to drive change in this underserved market by supporting entrepreneurs and businesses in rural Colorado. The firm has directly invested over $14.5 million into companies and helped them raise nearly $50 million.
Marc Nager, Co-Founder of the Greater Colorado Venture Fund, discussed the motivation behind the firm’s work and the role of the Colorado Venture Capital Authority, stating, “The driving force behind our work at GCVF initially was the Colorado Venture Capital Authority. Colorado is unique, in part, due to its visionary leaders who allocate total funding to improve access to entrepreneurship and capital resources. This collaboration is a shining example of the effectiveness of public-private partnerships as we work together to enhance resources and improve entrepreneurial outcomes in rural communities across Colorado.”
GCVF’s core investment thesis is to invest in overlooked rural markets across Colorado, providing a much-needed support system for businesses in these areas. The firm’s efforts already have a significant impact, with companies like Cloudrise benefiting from GCVF’s support in business growth and community impact.