Colorado is a hotspot for fresh, innovative businesses, boasting a thriving startup ecosystem that's gaining national attention. The Kauffman Foundation's Index of Startup Activity regularly ranks Colorado high for startup density and growth, thanks to a supportive business environment and a pool of talented professionals.
In 2023, Colorado’s venture capital scene demonstrated resilience and growth, with $4.3 billion invested across 496 deals despite a national slowdown. This robust activity underscores investor confidence in the state’s startup environment. Colorado remains a beacon for entrepreneurs and investors alike, marked by a diverse and flourishing economic sector. As we look ahead to 2024, the state's startup scene is set to explode, with innovative companies poised to make significant impacts.
Several key factors drive Colorado's startup success. Government initiatives like the Advanced Industries Accelerator Program offer vital funding and resources, helping new companies scale and innovate. With a strategic focus on tech, renewable energy, and healthcare, the state attracts a diverse array of startups. Colorado's strong network of incubators and accelerators, including Techstars and Boomtown, provide invaluable mentorship and support, further fueling the region's growth. But it's not just the business-friendly policies that make Colorado shine. The state offers an enviable quality of life, with cities like Denver and Boulder blending urban perks with stunning natural beauty. This lifestyle attracts top talent from across the nation.
Here are the top startups that are shaping Colorado's vibrant economy.
1. Opopop
Year Founded: 2018
HQ: Englewood, Colorado
Size: 1-50
Founders: Alex McEvoy, Brad Roulier, Christopher Staley, Chuck Lepley, Jonas Tempel, Sarah McDowell
Opopop is a Colorado-based startup revolutionizing the popcorn industry with its innovative Flavor Wrapped™ Popcorn Kernels. Founded in 2021, Opopop has made a significant impact by introducing a novel way to enjoy popcorn, with each kernel individually wrapped in flavor before popping. This ensures every bite is packed with intense, balanced, and harmonious flavors. The company's commitment to quality starts from the seed, with kernels grown under the careful supervision of their farming family in Nebraska, ensuring a perfect blend of crunch and melt-in-your-mouth goodness.
Since its inception, Opopop has successfully secured $11.6 million in funding from investors including Valor Siren Ventures, RXBAR founder Peter Rahal, and Grammy-winning DJ Tiësto. The company's product line includes unique flavors like Fancy Butter, Maui Heat, and Vanilla Cake Pop, available through their website with options like the Discovery Kit, which includes an exclusive Opopop Microwave Popper. Opopop aims to liberate snack lovers from boring popcorn and bring a premium, flavorful snacking experience to a new generation of popcorn enthusiasts.
2. Flatfile
Year Founded: 2018
HQ: Denver, Colorado
Size: 51-200
Founders: Eric Crane, David Boskovic
Flatfile is a Denver-based startup that specializes in data onboarding and migration solutions, making it easier for businesses to import, clean, and transform customer data. Founded in 2018 by David Boskovic and Eric Crane, the company offers innovative tools such as Flatfile Portal and Flatfile Concierge, which utilize AI to assist with data mapping and normalization. Their solutions cater to various industries, helping companies like ADP, ServiceTitan, and Square streamline their data processes, ensuring seamless and secure data transitions.
Flatfile has been highly successful in securing funding, raising nearly $100 million in total. In September 2022, it closed a $50 million Series B round led by Tiger Global, with participation from Gradient Ventures, Scale Ventures, and Workday Ventures. This funding is being used to enhance their data exchange platform, which supports large-scale data migration and onboarding projects, meeting enterprise standards for security and compliance. Flatfile’s robust API-first approach and customizable workflows make it a critical tool for modern businesses aiming to accelerate their data handling capabilities.
3. True Anomaly
Year Founded: 2022
HQ: Denver, Colorado
Size: 51-200
Founders: Evan Rogers, Kyle Acierno
True Anomaly is a pioneering space technology company based in Centennial, Colorado, focused on enhancing space security and sustainability. Established in 2022, the company develops advanced hardware and software systems, integrating AI to support space domain awareness and readiness. Their innovative products, such as the Jackal Autonomous Orbital Vehicle (AOV) and the Mosaic intelligent operating system, are designed to improve the capabilities of the U.S., its allies, and commercial partners in safeguarding space assets. These solutions provide critical tools for testing, training, and conducting space-based missions, ensuring the secure and sustainable use of space.
In December 2023, True Anomaly raised $100 million in a Series B funding round led by Riot Ventures, bringing its total funding to date to significant levels. This investment will support the company’s continued growth and technological advancements. True Anomaly's first two Jackal AOVs are set to launch in 2024 on SpaceX’s Transporter-10 mission. The company’s holistic approach, combining dynamic software applications with on-orbit spacecraft capabilities, positions it as a key player in addressing modern space security challenges.
4. Strive Health
Year Founded: 2018
HQ: Denver, Colorado
Size: 200+
Founders: Chris Riopelle, Will Stokes
Strive Health is a Denver-based company revolutionizing kidney care with a value-based approach. Founded in 2018 by Chris Riopelle and Will Stokes, Strive Health focuses on improving outcomes and reducing costs for patients with chronic kidney disease (CKD) and end-stage kidney disease (ESKD). By partnering with payors, health systems, and nephrologists, Strive Health delivers comprehensive care through high-touch care teams supported by predictive analytics. Their integrated care model has led to significant reductions in hospitalizations and readmissions, while increasing patient satisfaction and home-based care starts.
In May 2023, Strive Health raised $166 million in a Series C funding round led by NEA and CVS Health Ventures, bringing its total funding to substantial levels. This capital will help the company expand its partnerships, enhance its clinical value-based care model, and scale its operations across 30 states, where it currently serves 80,000 patients. Strive Health’s innovative approach, which includes the CareMultiplier™ technology platform, supports the entire patient journey from CKD to ESKD, making it a leader in the value-based kidney care sector.
5. Revnt
Year Founded: 2020
HQ: Boulder, Colorado
Size: 1-50
Founders: Alex Vanston, Chris Deardorff
revnt is an innovative video platform designed to streamline and scale coaching businesses by integrating coaching, webinars, and courses into one cohesive platform. Founded in 2021 and based in Denver, Colorado, revnt provides a comprehensive suite of tools that help coaches maximize revenue, save time, and deliver exceptional value to their clients. The platform allows coaches to create public and private branded video hubs, offer subscription plans, and sell coaching services and courses, thereby driving engagement and monetization for both live and recorded content. This all-in-one solution simplifies the video ecosystem for coaching businesses, enabling them to manage their content and client interactions efficiently in one place.
Coaches can easily scale their client base beyond one-on-one sessions to include group coaching and webinars. The platform’s advanced learning tools allow clients to notate key moments during live and on-demand videos, facilitating unrivaled learning and growth.
6. FlightLink
Year Founded: 2020
HQ: Denver, Colorado
Size: 1-50
Founders: Tom Filippini
FlightLink is transforming the aviation industry by offering an innovative air pooling platform that makes private flying more affordable and accessible. Founded in 2019 by Tom Filippini, a seasoned entrepreneur in the travel and aviation sectors, FlightLink provides a unique membership model where vetted members can share private flights, significantly reducing costs. This invitation-only community leverages advanced technology to enable members to self-coordinate shared flights, ensuring efficient and cost-effective travel. Members benefit from a personal aviation concierge who handles all travel logistics, from arranging discounted charters to booking commercial flights at insider rates. The company has raised $800,000 in seed funding in January 2020.
The FlightLink’s robust suite of services includes access to empty leg discounts, wholesale charter rates, and premium commercial booking options, all designed to enhance the travel experience while saving time and money. By aggregating a network of affluent and like-minded travelers, FlightLink fosters a vibrant community where members can connect, socialize, and network during their journeys.
7. Leafwire
Year Founded: 2018
HQ: Denver, Colorado
Size: 1-50
Founders: Peter Vogel
Leafwire is a pioneering networking platform dedicated to the cannabis, hemp, and psychedelic industries. Launched in 2018 by Peter Vogel, Leafwire provides a safe and welcoming space for business owners, influencers, and decision-makers to share news, promote events, find partners, and seek investment opportunities. The platform has rapidly grown to become a vital resource for over 25,000 members, helping them navigate the complexities of the cannabis industry and build successful, sustainable businesses. In July 2019, Leafwire raised $1 million in its seed funding round.
The company focuses on addressing the unique challenges faced by cannabis businesses, such as banking access, regulatory changes, and public stigma. Leafwire's Marketplace feature allows users to post job listings, connect with potential investors, and collaborate on projects, fostering a supportive community for industry growth.
8. Long Play
Year Founded: 2021
HQ: Denver, Colorado
Size: 200+
Founders: Andrew Davison
Long Play, Inc. is a Colorado-based corporation that focuses on developing and distributing wellness brands with a specialization in the cannabis sector. The company was inspired by a conversation at Willie Nelson’s kitchen table, which led to the creation of the signature brand, Willie's Reserve. Long Play’s portfolio includes cannabis products available through wholesale distribution and strategic partnerships, along with a significant cultivation facility in Colorado. The company also operates retail stores in the Denver area, enhancing the retail experience with top-tier products and sustainable cultivation practices.
Backed by Tuatara Capital, Long Play raised $115 million in a Series B round in 2021 and an additional $500,000 in 2024, facilitating its expansion and integration of new intellectual properties. In addition to Willie’s Reserve, Long Play collaborates with notable musicians and brands, expanding its reach across multiple states. With backing from private equity firm Tuatara Capital, Long Play continues to grow its brand portfolio and geographic presence.
9. Bluestaq
Year Founded: 2018
HQ: Colorado Springs, Colorado
Size: 51-200
Founders: Seth Harvey, Andy Hofle, Simon Nunn, David Rodvold
Bluestaq, based in Colorado Springs, is a pioneering enterprise software development firm specializing in secure data management solutions. Founded in 2018, the company has rapidly grown, securing significant contracts such as a $280 million deal with the U.S. Space Force to develop the Unified Data Library (UDL), a cloud-based data repository for space domain awareness. Bluestaq’s innovative technology allows seamless data sharing across various security levels, supporting critical defense and intelligence operations.
The company's growth is further fueled by strategic investments, including a substantial but undisclosed sum from The O'Neil Group. Bluestaq plans to expand its workforce significantly, adding 585 high-paying jobs over the next eight years, and tripling its office space to meet the demands of its expanding operations. Bluestaq continues to push the boundaries of data management and analytics, serving the aerospace and defense sectors while exploring new markets such as healthcare and law enforcement. The company's growth strategy includes leveraging up to $5.57 million in performance-based job growth incentive tax credits from the Colorado Office of Economic Development and International Trade (OEDIT).
10. Quantinuum
Year Founded: 2021
HQ: Broomfiled, Colorado
Size: 200+
Founders: Formed by the merger of Honeywell Quantum Solutions and Cambridge Quantum
Quantinuum is a leading quantum computing company formed by the merger of Honeywell Quantum Solutions and Cambridge Quantum in 2021. Based in Broomfield, Colorado, Quantinuum stands out as a unique full-stack quantum computing company, excelling in both hardware and software. Their groundbreaking work in quantum computing includes the development of the H1-1 quantum computer, which achieved a Quantum Volume of 1,048,576, setting a new industry benchmark. Quantinuum's quantum computers are designed to address complex problems in various fields, including cybersecurity, pharmaceutical development, and materials design.
In January 2024, Quantinuum raised $300 million in a funding round led by JPMorgan Chase, with participation from Mitsui & Co., Amgen, and Honeywell, which remains the majority shareholder. This funding has propelled the company to a $5 billion valuation, enabling it to further its advancements in quantum computing. The company's H2 quantum computer, launched in 2023, features 56 trapped-ion qubits and has demonstrated significant capabilities in error correction and qubit fidelity, making it a critical tool for research and industrial applications.
11. Sierra Space
Year Founded: 2021
HQ: Louisville, Colorado
Size: 200+
Founders: Sierra Nevada Corporation
Sierra Space is a prominent commercial space company specializing in developing space transportation, space stations, and enabling space technologies. Formed in 2021 as a spinoff from Sierra Nevada Corporation, Sierra Space is pioneering the future of space travel and habitation. Their flagship product, the Dream Chaser® spaceplane, is designed for versatile missions, including cargo resupply to the International Space Station (ISS) under NASA contracts. The Dream Chaser can land on conventional runways, making it a revolutionary addition to space transportation. Sierra Space is also developing the Large Integrated Flexible Environment (LIFE®) habitat modules, which are expandable and intended for commercial space stations like Orbital Reef, a collaborative project with Blue Origin.
In recent funding efforts, Sierra Space raised $1.7 billion in September 2023, marking the largest combined Series A and B rounds for a commercial space company, with a $290 million Series B round led by Japanese investors including MUFG, Kanematsu Corporation, and Tokio Marine. This funding brings their valuation to $5.3 billion and supports their ambitious projects, such as the transition of Dream Chaser to operational status for NASA and the development of the first business-ready commercial space station.
12. MagicSchool AI
Year Founded: 2023
HQ: Denver, Colorado
Size: 1-50
Founders: Adeel Khan
MagicSchool AI is redefining the educational landscape with its AI-driven platform designed to assist educators and students. Founded by Adeel Khan, a former teacher and principal, MagicSchool AI aims to alleviate the burdens faced by educators through innovative AI tools that streamline lesson planning, assessment writing, and personalized instruction. Since its launch, the platform has been embraced by over 2 million educators and partnered with 4,000+ schools and districts worldwide, including notable institutions such as Seattle Public Schools and KIPP Chicago Public Schools.
The company has raised a total of $17.9 million in funding, with a notable $15 million Series A round led by Bain Capital Ventures, along with investments from Adobe Ventures and Common Sense Media. This funding will support the continued development of the platform, including expanding its AI tools and increasing headcount. MagicSchool AI is dedicated to fighting teacher burnout and promoting sustainable careers for educators by saving them significant time and allowing them to focus more on their students.
13. Koloma
Year Founded: 2021
HQ: Denver, Colorado
Size: 1-50
Founders: Pete Johnson, Paul Harraka, Tom Darrah
Koloma is pioneering the extraction of geologic hydrogen, a naturally occurring form of hydrogen found beneath the Earth's surface, as a clean and cost-effective energy source. Founded by Pete Johnson, Paul Harraka, and Tom Darrah, the company utilizes proprietary technology, data, and expertise to identify and commercialize these resources globally. Koloma's innovative approach aims to bypass the traditional carbon-emitting methods of hydrogen production, positioning itself as a leader in the clean energy transition. The company's efforts are particularly focused on geologic hydrogen, which offers a potentially vast and sustainable energy source with lower environmental impact compared to other hydrogen production methods.
Koloma secured $245.7 million in a Series B funding round in February 2024, bringing its total funding to over $300 million. This round was led by prominent investors including Khosla Ventures, Amazon’s Climate Pledge Fund, and United Airlines’ Sustainable Flight Fund, among others. The funding will accelerate Koloma's exploration and production capabilities, enabling the company to scale its operations and contribute significantly to U.S. decarbonization efforts.
14. Electra
Year Founded: 2020
HQ: Boulder, Colorado
Size: 51-200
Founders: Sandeep Nijhawan, Quoc Pham
Electra is transforming the steel industry with its innovative approach to producing clean iron using low-grade ores and renewable energy. Founded in 2021, Electra's technology operates at just 60 degrees Celsius, significantly lower than the traditional 1,600 degrees Celsius required in conventional steelmaking processes. This low-temperature, electrochemical-hydrometallurgical method allows the company to refine iron without the massive carbon emissions typically associated with steel production. Backed by prominent investors, including Bill Gates’ Breakthrough Energy Ventures and Amazon’s Climate Pledge Fund, Electra aims to decarbonize the steel industry, which is responsible for 7% of global CO2 emissions.
In 2024, Electra launched its first pilot plant in Colorado, a significant milestone in demonstrating the commercial viability of its green steel production technology. The company raised $85 million in funding from leading climate-tech investors, allowing it to scale its operations and further develop its groundbreaking technology. Electra's clean iron, which boasts a purity of over 99%, is designed to be used in electric arc furnace (EAF) steelmaking, reducing costs, waste, and the environmental impact of steel production.
15. STACK Infrastructure
Year Founded: 2019
HQ: Boulder, Colorado
Size: 200+
Founders: Brian Cox (CEO)
STACK Infrastructure is a premier provider of digital infrastructure designed to meet the escalating demands of the hyperscale and enterprise sectors. Founded in 2019 and headquartered in Denver, Colorado, STACK offers a comprehensive suite of scalable data center solutions, including HyperStack™, PowerStack™, and ReadyStack™. These solutions are meticulously engineered to support high-density workloads, ensuring seamless growth and operational efficiency. STACK's expansive global presence includes strategic locations across the Americas, Europe, and Asia-Pacific, making it a key player in the international data center market.
In June 2024, STACK Infrastructure secured $1.3 billion in green financing to bolster its commitment to sustainability and expand its data center footprint globally. This funding is directed towards developing energy-efficient infrastructure in key markets such as Silicon Valley, Loudoun County in Virginia, and Milan, Italy. The company's focus on sustainability is evident in its initiatives to utilize 100% renewable energy, implement advanced cooling solutions, and promote e-waste recycling programs. With a portfolio that includes 4GW of built or under-development capacity and an additional 2.5GW of planned expansions, STACK Infrastructure is poised to support the rapid growth of digital economies worldwide.
16. Xcimer Energy
Year Founded: 2021
HQ: Boulder, Colorado
Size: 1-50
Founders: Alexander Valys, Conner Galloway
Xcimer Energy is at the forefront of the fusion energy revolution, aiming to bring commercial fusion energy to the grid through the innovative use of inertial fusion technology. Leveraging the world's highest-energy laser system, Xcimer's approach focuses on combining advanced technologies to create a scalable and economically viable solution for clean energy production. Founded by a team of experts from diverse fields such as aerospace, semiconductor manufacturing, and high-performance computing, Xcimer's mission is to harness the power of laser-driven inertial fusion to deliver a sustainable and abundant energy source.
In 2024, Xcimer raised $100 million in a Series A funding round led by Hedosophia, with participation from Breakthrough Energy Ventures, the Emerson Collective, and several other prominent investors. This funding will support the establishment of a new facility in Denver, Colorado, where Xcimer will construct a prototype laser system integral to their fusion technology. The company's innovative laser architecture is expected to produce energy at a fraction of the cost and with significantly higher efficiency compared to traditional fusion methods. With backing from the U.S. Department of Energy and other strategic partners, Xcimer is poised to make significant strides in the commercialization of fusion energy, addressing one of the most challenging problems of our time and paving the way for a clean energy future.
17. Project Canary
Year Founded: 2018
HQ: Boulder, Colorado
Size: 51-200
Founders: Chris Romer, David Armitage, William Foiles
Project Canary is a climate technology company headquartered in Denver, Colorado, specializing in emissions data management solutions. Founded in 2019, the company provides a comprehensive platform that includes high-fidelity sensors, advanced analytics, and software dashboards to help energy companies monitor, report, and reduce their greenhouse gas emissions. Project Canary's platform integrates various data sources and technologies, enabling operators to manage their emissions profiles effectively and meet regulatory and voluntary reporting requirements. The company aims to support the transition to a net-zero economy by offering precise and verified environmental data to stakeholders.
In February 2022, Project Canary raised $111 million in a Series B financing round led by Insight Partners, with participation from Brookfield Growth, CPP Investment Board, and Carica Sustainable Investment. This funding will support the company's expansion into new sectors and enhance its emissions measurement solutions. Project Canary's continuous monitoring technology and data-driven approach have positioned it as a leader in the emissions data management space.
18. StackHawk
Year Founded: 2019
HQ: Boulder, Colorado
Size: 1-50
Founders: Joni Klippert, Scott Gerlach
StackHawk is a cutting-edge cybersecurity company based in Denver, Colorado, specializing in dynamic application security testing (DAST) and API security. Founded in 2019, StackHawk has revolutionized how developers address security vulnerabilities, integrating automated security testing directly into CI/CD workflows. This approach enables developers to identify and fix security issues during the development process, significantly reducing the risk of vulnerabilities reaching production.
The company has secured a total of $35.3 million in funding, including a $20.7 million Series B round led by Sapphire and Costanoa Ventures in May 2022. StackHawk's platform empowers engineers to efficiently find and resolve security bugs, ensuring secure code deployment and maintaining high standards of application security. This innovative approach has positioned StackHawk as a leader in developer-first security testing solutions, meeting the growing demand for robust security measures in modern software development.
FAQs
1. What makes Colorado's startup ecosystem unique?
Colorado's startup ecosystem stands out due to its strong support network of incubators, accelerators, and funding opportunities. Programs like the Advanced Industries Accelerator Program and organizations such as Techstars and Boomtown provide mentorship, resources, and funding to help startups scale. Additionally, the state's focus on key sectors like technology, renewable energy, and healthcare fosters a diverse and innovative business environment.
2. What are the key industries driving startup growth in Colorado?
The primary industries driving startup growth in Colorado include technology, renewable energy, healthcare, aerospace, and bioscience. These sectors benefit from a robust talent pool, significant investment, and a supportive entrepreneurial culture, making Colorado an attractive location for startups in these fields.
3. What are the funding opportunities available for startups in Colorado?
Colorado offers a variety of funding opportunities for startups, including venture capital, government grants, and angel investor networks. Prominent venture capital firms such as Foundry Group, Techstars Ventures, and Access Venture Partners play a significant role in financing startups. Additionally, crowdfunding platforms and government programs provide alternative funding sources.
