Summary

The Venture Capital Authority (VCA) plays a crucial role in strengthening Colorado's economy by assisting local entrepreneurs and startups in accessing the funding they need to grow. The VCA collaborates with professional venture capital fund managers to invest in pre-seed, seed, and early-stage businesses.

The VCA's objective is to support Colorado-based companies, particularly those in key industries that are expanding in the state. Their efforts align with the state's economic goals, aiming to provide financial assistance to small businesses, especially those in underserved communities. By doing so, they help these businesses achieve greater stability and success, contributing to a thriving economy in Colorado.

Overview

Type: Venture capital

For: Seed and early-stage startups

Amount: Historically, from $50,000 to $1 million per investment

The objective is to support entrepreneurship, economic diversification, and quality jobs.

Your company needs to:

Have strong growth potential and desire to share equity in your business
Be headquartered and have principal business operations located in Colorado
Meet the Small Business Administration’s criteria for a small business
Maintain its business in Colorado for at least five years after first receiving an investment of certified capital
Be seeking its first investment from a professionally managed venture capital firm

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

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.
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, Colorado ONE, and FirstMile Ventures are committed to ensuring that at least 30% of the Partnership’s Capital investments are made in Portfolio Companies in Urban Enterprise Zones, review this on the Enterprise Zone Program page.

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

Established by the Colorado General Assembly, the VCA operates as a distinct political subdivision of the state, functioning as a Special Purpose Authority. Its activities are guided by the provisions detailed in C.R.S. Title 24, Art. 46, Pt. 2.

The VCA is governed by a Board of Directors, with administrative support provided by the OEDIT Business Funding & Incentives staff. The Board consists of nine members: two appointed by the Senate, two by the House, and five by the Governor.

The VCA periodically holds an open application process to select professional venture capital fund managers, in which the VCA takes a limited partner position. As of 2022, the State is also utilizing State Small Business Credit Initiative (SSBCI) capital through the Venture Capital Authority. For more details on SSBCI-funded programs, please visit the OEDIT SSBCI page.

The state of Colorado does not endorse the quality of management or the potential for earnings of such fund and is not liable for damages or losses to any investor in the fund or any other entity. Selection by the Colorado Venture Capital Authority to participate in this program does not constitute a recommendation or endorsement of the venture capital fund or its investments by the Colorado Venture Capital Authority. C.R.S. § 24-46-203 (Lexis Advance through all 2024 legislation).

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Venture Capital Authority Board Venture Capital Authority Annual Reports

The Venture Capital Authority (VCA) is directed by a special purpose board. This board generally meets on a monthly basis. The dates of these meetings are subject to change at the discretion of the VCA. Below are links to the 2025 VCA meeting Agendas.