Venture Capital Authority


The Venture Capital Authority (VCA) supports Colorado’s innovative economy by expanding access to venture capital for Colorado's entrepreneurs and startup businesses. The VCA is a political subdivision of the state and a Special Purpose Authority created by Colorado Revised Statute Title 24, Art. 46, Pt. 2. The VCA is neither an agency of the state nor subject to administrative direction by any agency or department of the state. The VCA is governed by a Board of Directors and OEDIT staff provides administrative support. 

The VCA periodically holds an open application process to select professional venture capital fund managers, and the VCA takes a limited partner position in these funds. As of 2022, the State is also deploying State Small Business Credit Initiative (SSBCI) capital through the Venture Capital Authority. Please see the OEDIT SSBCI page for additional information on SSBCI funded programs. 

All investment decisions are made by fund managers, not the VCA Board or staff. Businesses seeking investment should contact the fund directly.

The VCA is currently a partner in five active funds. Businesses interested in funding should visit the Funds' websites for more information:

  • Avesta Colorado Fund invests in Colorado-based seed-stage founders driving decarbonization and economic inclusion for a more sustainable and prosperous future. 
  • Colorado ONE Fund targets early-stage investment into small disruptive companies developing innovative critical technologies in aerospace, defense, and homeland security, with a focus on underserved companies.
  • DEMI Fund is focused on investing in early-stage companies owned and/or operated by business leaders of color. The fund leverages a venture capital structure combined with a high touch, hands-on, and long-term partnership to support the fundamental growth of businesses and the leaders who run them. 
  • FirstMile Venture Fund is focused on founder-driven businesses and seed-stage investments. This fund invests in Colorado technology businesses.
  • Greater Colorado Venture Fund invests in early-stage startups in rural Colorado. This fund's mission is to inspire innovation in places formerly overlooked by established venture capital firms.

Avesta Colorado Fund, Colorado ONE Fund, and the DEMI Fund are all targeting 35 percent of their investments in enterprise zones.


The state of Colorado does not endorse the quality of management or the potential for earnings of any fund and is not liable for damages or losses to any investor in a fund or any other entity. The VCA’s partnership in these funds is neither a recommendation nor an endorsement of the venture funds or their investments. (C.R.S. 24-46-203 (8)).

Venture Capital Authority Board  Venture Capital Authority Annual Reports


Investment Application Period: Open

Type: Venture capital

For: Seed and early-stage startups

Amount: Historically, from $50,000 to $3.25 million per investment

The Venture Capital Authority partners with funds that invest in seed and early-stage Colorado businesses. The objective is to support entrepreneurship, economic diversification, and quality jobs.

Your company needs to:

  • be headquartered in and have principal business operations in Colorado
  • commit to staying in Colorado for at least five years after an initial fund investment
  • be seeking first institutional or growth capital funding
  • meet the Small Business Administrations criteria for a small business
  • have strong growth potential

The Venture Capital Authority is directed by a special purpose board. This board generally meets on a monthly basis. Below are the tentatively scheduled meeting dates for 2024 which are subject to change at the discretion of the board. To see agendas from past years, please visit our VCA Board Archive.

2024 meeting agendas

Dates:Meeting Type:Agendas
February 13Full Board2/13/24 Agenda, (Google Doc)
March 19New Fund Committee3/19/24 Agenda, (Google Doc)
April 3Full Board and Fund Updates4/3/24 Agenda, (Google Doc)
April 16New Fund Committee4/16/24 Agenda, (Google Doc)
May 14Full BoardAgenda
June 11New Fund CommitteeAgenda
July 9Operations CommitteeAgenda
August 13TBDAgenda
September 4Full Board and Fund UpdatesAgenda
October 8TBDAgenda
November 12Full BoardAgenda
December 10TBDAgenda

The Colorado legislature established the Venture Capital Authority (VCA) funding program in 2004 to fill a gap in private capital markets and provide seed- and early-stage capital to Colorado companies. Initially, the legislature allocated $50 million in premium tax credits, which the VCA sold to insurance companies. The funds have been invested and returned to create an evergreen fund which the VCA continues to target to fill gaps in the VC market in the state.

The VCA had partnered with High Country Ventures on Colorado Fund I and Colorado Fund II. Both of these funds deployed capital throughout the State, with each investing 25% in rural areas of the State and 25% in urban distressed areas. Fund I is now dissolved, and achieved returns that were in the Top Quartile in the U.S. for its vintage year, having provided 9X leverage on invested capital. Colorado Fund II is fully deployed. 

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