These Were the Top Funding Rounds in Colorado in August

by Brian Nordli
September 3, 2019
Denver
Image via shutterstock

We may be in the dog days of summer, but that didn’t slow down Colorado’s tech companies when it came to funding.

Not only did the five largest funding rounds total a collective $117.9 million, but this month also saw the coronation of a new Colorado tech unicorn: Denver's Ibotta. The company raised an undisclosed Series D round that pushed its valuation over the vaunted $1 billion mark. Check the other top funding rounds in Colorado this month. 

 

#5, $7M

What they do: Based in Boulder, BDS Analytics provides market intelligence around consumer data for businesses in the cannabis market. Through the company's GreenEdgeTM platform, dispensaries are able to track and categorize individual transactions, as well as gain up-to-date sales data and industry financial projections.  

The round: BDS Analytics raised $7 million on Aug. 20. The round, which was led by KEY Investment Partners, Altitude Investment Management and 7thirty, is expected to be the first part of a $10 million raise. 

 

#4, $10M

What they do: While direct-to-consumer fashion is all the rage these days, most designers lack the digital tools to keep up with public demand. Brothers Andrew and Matthew Klein launched Backbone in 2014 to solve this dilemma. The company combines all of the workflow tools a fashion designer needs into one cloud-based platform to help them take a product from design to market faster.

The round: After finding its product-market fit, Backbone plans to use this $10 million funding round to grow. The company aims to double its team of 50 and expand its customer base. 

 

#3, $12M

What they do: Founded in 2013, Liqid provides enterprises with the ability to grow their IT data centers in real time to keep up with the ever-evolving demands of the Information Age. The company also provides a command center that enables enterprises to manage their data on one platform.

The round: Liqid submitted an SEC filing declaring that it has raised $12.3 million in funding on August 28, but it has not made a formal announcement. Built In has reached out for comment, so stay tuned. 

 

#2, Over $40M* 

What they do: Ibotta, which is pronounced "I bought a...", works with brands and retailers to help customers earn cashback on all those purchases they make through its smartphone app. Based in Denver, the company’s app has helped customers earn nearly $600 million in cash back rewards. 

The round: Ibotta hasn’t disclosed the precise amount of its latest round, except saying that it is larger than any individual round the company has had before it, which make it at least $40 million. But they did confirm that it was enough to help them become Colorado’s newest unicorn, with a valuation over $1 billion. 

 

#1, $48.9M

What they do: Based in Boulder, Congruex works with telecom companies to help them develop a better designed network system. The company, which launched in 2016, provides expertise in engineering and construction.

The round: Congruex generated $48.9 million in funding this month to help it reach $100 million in valuation, according to BizWest.

 

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