This cabin, dubbed Thelma, is among those rented by Campfire Ranch, which reported raising money in March. (Courtesy Campfire Ranch)
It seems March brought some good luck to startups around the Centennial State.
According to a tally of Form Ds filed with the SEC, 50 startups in Colorado raised $623.46 million last month. That’s roughly $344.2 million more than March 2023, and about $408 million more than March 2022.
You can view our sortable spreadsheet here.
In general, startup funding has been up the first three months of this year compared to years past. Startups have raised more in January, February and March this year than in the same periods in 2022 and 2023.
BusinessDen defines a startup as a business that’s less than 10 years old and excludes publicly traded companies, real estate ventures and funds.
Last month, Denver startups raised the bulk of the cash, accounting for $435.87 million across 17 deals. Boulder startups raised just shy of $11 million across eight deals, and startups outside of Denver and Boulder raised $176.6 million across 25 deals.
Here are some highlights from March:
Landline Co. (Fort Collins): $19,842,882
Founded in 2018, Landline Co. raised nearly $20 million last month.
The Fort Collins business provides a bus shuttle service between small regional airports and large international airports on behalf of airlines, sometimes called a “bus-as-flight connection.”
The service became more popular post-pandemic, multiple news outlets reported, when airlines faced pilot shortages, regional airline routes got cut and jet fuel prices increased.
With Landline, passengers go through Transportation Security Administration (TSA) at the airport they first arrive at, and don’t have to go through it again once Landline has dropped the passengers off at their connecting gate.
According to its website, Landline provides rides for four airlines: Sun Country Airlines, United Airlines, American Airlines and Air Canada. With those airlines, it has operations in Colorado, Pennsylvania, New Jersey, Arizona, Florida, Minnesota and Toronto.
In Colorado, Landline offers United Airlines passengers connecting drives between Fort Collins and Denver International Airport (DIA). That service launched in 2019.
This is the startup’s third capital raise, according to SEC filings. It raised $20 million in 2021, followed by $5.15 million in 2022.
The parent company of Stem Ciders is among the firms that reported raising cash in March. (BusinessDen file)
Wilding Brands (Lafayette): $175,000
The company behind the Colorado brands Stem Cider, Howdy Beer, Acreage Restaurant and Ghost Box Pizza raised $175,000 last month.
Eric Foster and Phil Kao founded Stem Cider in 2013, but created the parent company Wilding Brands last year after acquiring Howdy Beer from the Post Brewing Company.
According to its website, Foster and Kao opened the first Stem Cider taproom in RiNo in 2014. In 2018 they opened Acreage, a full restaurant and taproom in Lafayette, and Ghost Box Pizza in 2022.
Now all of the businesses operate as a brand under Wilding.
This is the company’s first capital raise, according to SEC filings.
Campfire Ranch (Gunnison): $680,000
The Gunnison-based startup raised $680,000 from eight investors last month.
Campfire Ranch is a short-term rental service, like AirBnb, for backcountry cabins. Its website says “it’s still camping, just easier.” The startup has cabins in Almont, Silverton and Crested Butte.
A two-night stay for four people at The Thelma Hut in Silverton costs roughly $2,400 after fees and taxes. The cabin, which is by Red Mountain Pass, comes with food service, sauna access and wi-fi, among other things.
Founded in 2019 by Sam Degenhard, the outdoor hospitality company also offers guided trips with its cabin booking, like backcountry skiing, mountain biking, off-roading and fishing.
According to SEC filings, this is the startup’s second capital raise. It reported raising $441,000 from 10 investors in 2022, bringing its total amount of cash raised to just over $1 million.
Bitewell Inc. (Denver): $1.68 million
Denver-based Bitewell raised $1.68 million last month.
The startup was founded five years ago in an effort to prevent some diseases by changing how people consume food.
Bitewell offers what it calls a “digital food farmacy.” Members input things like health goals, grocery budget and food preferences and Bitewell gives recommendations on what to eat and meals to cook. According to the website, members can purchase food directly from the site, receive advice and get help treating minor medical concerns.”
This is Bitewell’s sixth capital raise. According to SEC filings, it’s raised $8.8 million since inception.
This cabin, dubbed Thelma, is among those rented by Campfire Ranch, which reported raising money in March. (Courtesy Campfire Ranch)
It seems March brought some good luck to startups around the Centennial State.
According to a tally of Form Ds filed with the SEC, 50 startups in Colorado raised $623.46 million last month. That’s roughly $344.2 million more than March 2023, and about $408 million more than March 2022.
You can view our sortable spreadsheet here.
In general, startup funding has been up the first three months of this year compared to years past. Startups have raised more in January, February and March this year than in the same periods in 2022 and 2023.
BusinessDen defines a startup as a business that’s less than 10 years old and excludes publicly traded companies, real estate ventures and funds.
Last month, Denver startups raised the bulk of the cash, accounting for $435.87 million across 17 deals. Boulder startups raised just shy of $11 million across eight deals, and startups outside of Denver and Boulder raised $176.6 million across 25 deals.
Here are some highlights from March:
Landline Co. (Fort Collins): $19,842,882
Founded in 2018, Landline Co. raised nearly $20 million last month.
The Fort Collins business provides a bus shuttle service between small regional airports and large international airports on behalf of airlines, sometimes called a “bus-as-flight connection.”
The service became more popular post-pandemic, multiple news outlets reported, when airlines faced pilot shortages, regional airline routes got cut and jet fuel prices increased.
With Landline, passengers go through Transportation Security Administration (TSA) at the airport they first arrive at, and don’t have to go through it again once Landline has dropped the passengers off at their connecting gate.
According to its website, Landline provides rides for four airlines: Sun Country Airlines, United Airlines, American Airlines and Air Canada. With those airlines, it has operations in Colorado, Pennsylvania, New Jersey, Arizona, Florida, Minnesota and Toronto.
In Colorado, Landline offers United Airlines passengers connecting drives between Fort Collins and Denver International Airport (DIA). That service launched in 2019.
This is the startup’s third capital raise, according to SEC filings. It raised $20 million in 2021, followed by $5.15 million in 2022.
The parent company of Stem Ciders is among the firms that reported raising cash in March. (BusinessDen file)
Wilding Brands (Lafayette): $175,000
The company behind the Colorado brands Stem Cider, Howdy Beer, Acreage Restaurant and Ghost Box Pizza raised $175,000 last month.
Eric Foster and Phil Kao founded Stem Cider in 2013, but created the parent company Wilding Brands last year after acquiring Howdy Beer from the Post Brewing Company.
According to its website, Foster and Kao opened the first Stem Cider taproom in RiNo in 2014. In 2018 they opened Acreage, a full restaurant and taproom in Lafayette, and Ghost Box Pizza in 2022.
Now all of the businesses operate as a brand under Wilding.
This is the company’s first capital raise, according to SEC filings.
Campfire Ranch (Gunnison): $680,000
The Gunnison-based startup raised $680,000 from eight investors last month.
Campfire Ranch is a short-term rental service, like AirBnb, for backcountry cabins. Its website says “it’s still camping, just easier.” The startup has cabins in Almont, Silverton and Crested Butte.
A two-night stay for four people at The Thelma Hut in Silverton costs roughly $2,400 after fees and taxes. The cabin, which is by Red Mountain Pass, comes with food service, sauna access and wi-fi, among other things.
Founded in 2019 by Sam Degenhard, the outdoor hospitality company also offers guided trips with its cabin booking, like backcountry skiing, mountain biking, off-roading and fishing.
According to SEC filings, this is the startup’s second capital raise. It reported raising $441,000 from 10 investors in 2022, bringing its total amount of cash raised to just over $1 million.
Bitewell Inc. (Denver): $1.68 million
Denver-based Bitewell raised $1.68 million last month.
The startup was founded five years ago in an effort to prevent some diseases by changing how people consume food.
Bitewell offers what it calls a “digital food farmacy.” Members input things like health goals, grocery budget and food preferences and Bitewell gives recommendations on what to eat and meals to cook. According to the website, members can purchase food directly from the site, receive advice and get help treating minor medical concerns.”
This is Bitewell’s sixth capital raise. According to SEC filings, it’s raised $8.8 million since inception.
