FoodMaven building (copy) (copy)

FoodMaven, located on the fourth floor of 3 S. Tejon St. in downtown Colorado Springs,  landed $15.3 million from two existing investors and a company controlled by the Bass family to finance its expansion to Dallas. Nearly all of the $15.8 million in venture capital raised by Colorado Springs startups in 2019 went to FoodMaven.

Venture capital investments in Colorado Springs startups fell sharply last year after a record 2018, according to the quarterly MoneyTree Report.

Colorado Springs firms continue to land venture capital

Local startups secured $15.8 million in venture capital in 2019, with all but $500,000 going to online surplus food marketplace FoodMaven in a series of investments spread over all four quarters to fund expansion in Dallas and Denver. Jibu, which franchises distributors of affordable bottled water in six African nations, raised $500,000 as part of a $5 million fundraising round to help it expand into 12 new countries.

Last year’s total is down 92.3% from the $206 million local startups raised from venture funds in 2018. That total included $172 million landed by Cherwell Software in the city’s largest such deal. Other investments included $25 million to Monument software developer Quantum Metric and $8.6 million to FoodMaven, according to the report from PricewaterhouseCoopers and CB Insights.

The amount invested last year was the lowest annual total for the Springs since local startups landed just $2 million in 2016.

Venture capital hits record in Colorado Springs amid big year statewide, nationwide

The local numbers paralleled a nationwide decline in venture investments, though such funding in Colorado edged higher after fourth-quarter deals more than doubled. Colorado venture funding last year rose 4.7% from a year earlier to $1.75 billion; transactions in the fourth quarter jumped from $279 million in 2018 to a record $643 million in 2019.

Nationwide venture funding last year fell 8.8% from 2018 to $108 billion as the fourth-quarter total fell 42.5% to $23 billion, the lowest quarterly amount in two years.

Colorado Springs firms continue to land venture capital

“While we saw a drop in investments in 2019, it was still a strong year for venture capital,” said Tom Ciccolella, Venture Capital Leader at PwC US.

“This past year saw the third-highest investments in U.S. startups at $108 billion, and the total number of U.S. unicorns set a new all-time record, with 199 VC-backed companies valued at $1 billion or more.”

Colorado Springs startups land $10 million in venture capital in first quarter

Contact Wayne Heilman 636-0234 Facebook


Contact Wayne Heilman 636-0234



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