Mario Ciabarra
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Mario Ciabarra, CEO and founder, Quantum Metric Inc., speaks at the Trace3 Evolve technology conference in May in Las Vegas.

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A $25 million investment in Monument startup software provider Quantum Metric has pushed venture capital funding in Colorado Springs to a record year — even with three months to go, says a report released Monday.

The September investment by Insight Venture Partners adds to the $172 million that Colorado Springs-based Cherwell Software received in April from private equity giant KKR to total $197 million, easily surpassing the record $179.1 million in 2000, says the quarterly MoneyTree Report. The total would be even higher if the report included $8.6 million invested in January in Springs-based FoodMaven by members of the Walton family, of Walmart fame, and other investors.

This year’s total is nearly four times the $50 million invested last year in local startups, which all went to Cherwell and came from KKR.

Quantum Metric develops and sells software that helps companies find their best online revenue opportunities. It will use the money to hire 60 people over the next six months to expand its sales, marketing, product development, engineering and executive teams. The company also has outgrown its office space and likely will move to northern Colorado Springs.

The Quantum deal was the fourth largest in Colorado during the third quarter, which was headlined by the $80 million landed by Denver-based Evolve Vacation Rental Network. Nearly 50 Colorado companies landed $418.7 million during the July-to-September quarter, more than double the total for the third quarter last year. The statewide total for the first three quarters — $1.23 billion — is up 26.6 percent from the same period last year and is higher than any annual total since 2001.

Nationwide, venture funding in the third quarter rose 33.5 percent from the same period a year ago to $27.5 billion, helped by two $1 billion investments in New York coworking space provider WeWork by Softbank and California-based electric car manufacturer Lucid Motors from the Public Investment Fund of Saudi Arabia. The third quarter total included 53 other venture investments of at least $100 million.

“Megarounds (those more than $100 million) also reached record levels in the U.S. as money rushed into mid- and later-stage companies,” said Anand Sanwal, CEO and cofounder of CB Insights, which cosponsors the report with accounting giant PricewaterhouseCoopers.

Such funding nationwide in the first three quarters of the year is up 32 percent from the same period a year ago to $73.7 billion, or just $4.15 billion less than the highest total for any full year since 2000 — $77.9 billion in 2015.

Contact Wayne Heilman 636-0234 Facebook Twitter

Contact Wayne Heilman 636-0234



Business Writer

Business Writer

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