The term sheet: Startup funding roundup for February

Stem Ciders (2)

Stem Cider in RiNo raised funds in February to expand.

The year’s shortest month was long on investments in 2016.

Colorado startups raised $75 million in a leap-year February, a BusinessDen tally of SEC filings found, more than twice what they raised in January. Boulder companies raised $3 for every buck that went to Denver startups. (You can download a sortable Excel file here.)

Tech startups across the state raised $54 million in February, up-and-coming retailers netted $11.6 million and fledgling cannabis companies disclosed $2.1 million in fresh capital.

Two Boulder-based companies topped February raises. BioDesix, which makes a lung cancer blood test, pocketed nearly $18 million and apparel makers Wear Pact raised $11.2 million.

Denver-based companies Parkifi and KULA Causes also landed on the top 10 for the largest funding rounds disclosed in February. Parkifi garnered another $8 million and KULA, a cause marketing company, raised $2.6 million.

Farther down the list, Denver-based Notion raised the first $200,000 of a $2.2 million funding target. That company makes sensors that can detect such things as when a window opens or leaking water.

The cannabis crowd included MassRoots, a marijuana-themed social media website, and FlowHub, which makes software for growing marijuana plants. Both seek $3 million from investors.

RiNo-based Stem Ciders uncorked all but the last $300,000 of $1.5 million in fresh capital that it needs to expand its production space and product line.

Outside the startup scene, Cartasite, a 12-year-old Denver technology company, closed $7.5 million as it pushes to sell its GPS tracking devices and software beyond the energy industry.

In total, companies based in Colorado reported $700 million in outside funding in February, not including one whopper raise by Greenwood Village-based Great-West Life & Annuity Insurance Co. Great-West closed a $1.2 billion fund of pooled investments and variable life insurance contracts that it started in 2002, according to an SEC filing from February.

In January, Colorado startups collected $33 million from investors. The statewide total hit $630 million thanks to two eight-figure transactions in the cable and manufacturing industries.

For purposes of its monthly fundraising survey, BusinessDen defines a startup as a company that is less than 10 years old, not publicly traded and not an investment fund.

You can explore all of the data on capital raised last month – and toggle by location, industry and age of company. A map of capital raises across the state so far this year is available. 

If you need help with the spreadsheet, please email Amy@BusinessDen. 

Stem Ciders (2)

Stem Cider in RiNo raised funds in February to expand.

Boulder companies raised $3 for every buck that went to Denver startups.

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