The Term Sheet: Startup funding roundup for July 2020

Colorado startup funding in July was down $30 million from last year.

According to a tally of Form Ds filed with the SEC last month, 38 startups around the state raised a total of $78.5 million, compared to July 2019’s $108 million. It’s also a steep drop from June, during which 29 startups raised $197.6 million in total. 

BusinessDen defines a startup as a business that’s less than 10 years old and excludes publicly traded companies, real estate ventures and funds.

Boulder-based startups raised the most with $32.7 million, Denver businesses raised $16.5 million, and startups elsewhere in the state got $29.3 million in funding. 

Here are some highlights from July: 

BillGo: $12.2 million

BillGo raised $12.2 million in July. (Courtesy BillGo)

Fort Collins-based BillGo, led by Daniel Holt, raised $12.2 million from five investors in July.

The startup, which launched in 2015, reminds consumers when bills are due and allows them to view, manage and pay their bills with one consolidated service in real time. 

The company also raised $34 million in a Series A funding round in June 2019 and $7.5 million in August 2018, according to SEC filings. 

Manatee: $1.5 million

Manatee is a digital behavioral health platform for families. (Courtesy Manatee)

In Denver, an online pediatric behavioral health app for families known as Manatee raised $1.5 million in a seed funding round last month.

Manatee, which was founded in 2019, makes therapy fun for both families and providers, co-founder and CEO Damayanti Dipayana said. The app uses games to set, remind and track kids’ treatment goals. Providers, on the other hand, can see a compilation of the results on a clinical dashboard, which allows the therapist to stay in the loop with emotional and behavioral progress.

Dipayana grew up with a brother who went through therapy for most of his life, and she saw how exhausting it could be for everyone involved. 

“As a younger sibling I watched my brother go in and out of therapy and saw how my family wasn’t on the same page and how ineffective it can be sometimes,” Dipayana said. “He hated it, so I wanted to build something that was engaging, supportive and fun for children, families and providers.”

Manatee has partnered with eight healthcare systems, including the Mental Health Center of Denver, Children’s Hospital of Los Angeles and Children’s Hospital of Wisconsin.

Dipayana said the tech company plans to invest the funds in product development and expanded partnerships with healthcare systems. 

Michigan-based Grand Ventures led the seed round with participation from the American Family Insurance Institute for Corporate and Social Impact, Telosity and SpringTime Ventures. Healthcare entrepreneurs Danish Munir, Luke Leninger and Jonathan Weiner also participated.

Wilde Brands’ Himalayan pink salt and chicken chips. (Courtesy Wilde Brands)

Wilde Brands: $1.5 million

Boulder-based startup Wilde Brands raised $1.5 million of a $5 million funding round last month.

The health foods company, which was founded in 2016 by Jason Wright, makes crispy chips out of chicken, tapioca flour and coconut oil.

The potato-less chips come in six flavors: Nashville hot, chicken & waffles, jalapeno chicken, Himalayan pink salt, sea salt & vinegar and buffalo. A box of six 2.25-ounce bags costs $35, according to the startup’s website. 

Frndly TV: $1.1 million 

Denver’s Frndly TV, a live, on-demand TV streaming service tailored to families, raised $1.1 million in debt as part of a $2 million round, according to a Form D filing.

The TV service, which launched in 2019, offers 15 live TV networks, such as Hallmark Channels, The Weather Channel and Game Show Network. It starts at $5.99 a month and offers “positive, uplifting family friendly” programming, according to its website.

Frndly TV, which launched in 2019, is available for $5.99 a month. (Courtesy FrndlyTV)

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