18 active investors in Boulder closing deals in 2026

Boulder raised $2.4B across 220+ deals in 2025. That's impressive for a city of 100,000 people. Most capital went to climate tech, outdoor brands, and B2B software. The ecosystem punches above its weight because of CU Boulder engineering grads and the Techstars legacy. You won't find many late-stage growth funds here, but seed capital is abundant. Series A is competitive but doable. Series B typically requires bringing in Denver or coastal investors.

Quick list

Why Boulder for fundraising

Boulder has 25+ active local funds and another 15+ national firms with Boulder offices or partners. You'll find seed capital easily here - maybe too easily. The challenge is investors expect you to bootstrap to product-market fit before raising. Don't expect to raise on an idea and a deck.

The city's strength is climate tech, outdoor/active lifestyle brands, and B2B SaaS. CU Boulder produces strong engineering talent. The outdoor industry has deep roots here (Pearl Izumi, Zeal Optics, Backpacker Magazine all started in Boulder). Climate tech exploded in the last three years because of NREL proximity and the sustainability focus.

Average seed round is $1.5-2M. Series A runs $5-8M, smaller than SF but reasonable for the burn rates here. Cost of living is high for Colorado but low compared to coastal cities. You can build a team for 30% less than SF salaries. That matters when you're raising $2M instead of $4M.

Picking the right Boulder investor

Local presence is everything in Boulder. This is a small ecosystem where everyone knows everyone. Investors who fly in from Denver or SF quarterly won't help you recruit or make intros to CU Boulder professors. You want someone who lives here and hikes the Flatirons on weekends.

Portfolio companies should include actual Boulder startups, not just "Colorado" generally. Denver and Boulder are different markets with different investor preferences. Boulder funds understand the talent constraints (smaller pool than Denver) and the lifestyle trade-offs (people take pay cuts to live here).

Check sizes run smaller than coastal cities. Boulder seed rounds are typically $1-2M. Series A is $5-8M. Don't pitch Boulder funds for $15M Series B - they'll send you to Denver, SF, or NYC. Most local funds raise $20-50M vehicles, so they physically can't lead large rounds.

Local network means access to CU Boulder researchers, NREL scientists for climate tech, and the outdoor industry executives. Boulder investors can intro you to the CTOs at Ball Aerospace, the sustainability teams at outdoor brands, or professors working on relevant tech. These connections are the real value, not just the capital.

Communication moves slower here than SF. Boulder investors want to get to know you over several coffees. Upload your deck to Ellty and send trackable links, but don't expect same-day responses. The pace is more "let's grab coffee next week" than "can you meet tomorrow."

Follow-on capacity is limited. Foundry Group can fund you through Series C. Most other Boulder funds top out at Series A or small Series B. Plan to bring in Denver or coastal co-investors for growth rounds. That's not a negative - it's just the reality of fund sizes here.

How to find and approach Boulder investors

Research local deals by reading Built In Colorado and the Boulder Daily Camera's tech coverage. Every significant Boulder funding gets covered. Techstars publishes their portfolio companies - find similar companies and trace their investors.

Leverage local ecosystem through Techstars, Boomtown accelerator, or Boulder Startup Week in May. These programs have direct relationships with every active investor in town. CU Boulder's Deming Center also connects student founders to investors. Some teams explore Digify alternatives that offer visibility and more control.

Build relationships first at the New Tech meetup every month or Startup Drinks at The West End Tavern. Boulder investors fund people they know. Cold emails work poorly here. Warm intros from portfolio founders work much better.

Share your pitch deck using trackable links with Ellty. Boulder investors typically spend more time on your team background and Boulder connections than on market size projections. They care about why you chose Boulder and whether you're committed to staying.

Attend local events like Boulder Startup Week (May), the Techstars demo days (quarterly), and the various New Tech meetups. Those three events generate 70% of Boulder fundraising conversations. The ecosystem is small enough that missing these events means missing the investors.

Connect with portfolio founders by searching LinkedIn for Boulder companies that raised in the last year. Most founders here are accessible. They'll meet you at Ozo Coffee or Amante and give you honest feedback on which investors to approach.

Organize due diligence with an Ellty data room before serious conversations. Boulder investors are thorough but not as formal as East Coast funds. They want to see your financials, cap table, and customer traction organized cleanly. Pitch decks often need protection once shared beyond trusted contacts.

Understand local pace runs 10-14 weeks from first meeting to term sheet for seed rounds. Boulder investors don't rush. They want multiple meetings and reference calls. Series A takes 12-16 weeks. This isn't SF where deals close in 3 weeks.

Boulder-specific considerations

Boulder investors strongly prefer companies that will stay in Boulder. If you're planning to relocate to SF after your seed round, you'll struggle to raise here. The ecosystem values commitment to the local community.

Climate tech and sustainability startups get funded fastest. The city has a strong environmental ethos and NREL provides research partnerships. Outdoor and active lifestyle brands also find capital easily. Generic mobile apps or consumer social products face skepticism. Defined workflows make compliance easier to manage as teams scale.

Most term sheets come with the expectation that you'll participate in the local ecosystem. That means speaking at meetups, mentoring at Techstars, and hiring locally. Boulder investors view themselves as community builders, not just capital providers. If that sounds annoying, raise elsewhere.

18 top investors in Boulder

1. Foundry Group

Most prominent VC in Boulder with 200+ portfolio companies over 18 years.

• Recent Deals: Led Fitbit's Series A, backed Zylo ($33M Series B, 2019), funded Guild Education (now $4.4B valuation), recent Boulder investments in climate tech and SaaS
• LinkedIn: Brad Feld
• Sector Focus: B2B SaaS, climate tech, consumer internet, developer tools, infrastructure
• Stage Focus: Seed, Series A, Series B
• Office Location: 1050 Walnut Street, Suite 210, Boulder
• Website: foundrygroup.com

2. Techstars

The accelerator that defined Boulder's startup ecosystem, still the most active early-stage investor.

• Recent Deals: Invested in 300+ companies through Boulder program, backed SendGrid (acquired for $3B), ClassPass, and dozens of active Boulder startups
• LinkedIn: Techstars Boulder
• Sector Focus: All sectors (generalist accelerator)
• Stage Focus: Pre-seed, Seed
• Office Location: 1050 Walnut Street, Boulder
• Website: techstars.com

3. Access Venture Partners

Boulder-based fund focused on consumer brands and direct-to-consumer companies.

• Recent Deals: Backed Havenly ($37M Series B, 2021), invested in four Boulder consumer companies in 2024-2025, funded two outdoor lifestyle brands
• LinkedIn: Janis Machala
• Sector Focus: Consumer brands, direct-to-consumer, outdoor lifestyle, sustainable products
• Stage Focus: Seed, Series A, Series B
• Office Location: 3003 Arapahoe Avenue, Suite 200, Boulder
• Website: accessventurepartners.com

4. Matchstick Ventures

Early-stage fund that led Guild Education's seed and backed multiple Boulder unicorns.

• Recent Deals: Led Guild Education's seed (now $4.4B), backed three Boulder B2B SaaS companies in 2024-2025, funded climate tech startup
• LinkedIn: Ryan McIntyre
• Sector Focus: B2B SaaS, edtech, climate tech, infrastructure software
• Stage Focus: Seed, Series A
• Office Location: 1877 Broadway, Boulder
• Website: matchstickventures.com

5. Ridgeline Ventures

Climate tech specialist fund based in Boulder, focused on clean energy and sustainability.

• Recent Deals: Funded three Boulder clean energy startups in 2025, backed carbon capture company, invested in sustainable agriculture tech
• LinkedIn: Ridgeline Partners
• Sector Focus: Climate tech, clean energy, carbon capture, sustainable agriculture, energy storage
• Stage Focus: Seed, Series A
• Office Location: 2425 Canyon Boulevard, Suite 110, Boulder
• Website: ridgelineventures.com

6. Ridgetop Ventures

Outdoor and active lifestyle specialist, backs Boulder gear and wellness companies.

• Recent Deals: Backed two Boulder outdoor gear companies in 2024-2025, funded fitness tech startup, invested in sustainable outdoor apparel brand
• LinkedIn: Ridgetop Ventures
• Sector Focus: Outdoor gear, active lifestyle, fitness tech, sustainable apparel, wellness
• Stage Focus: Seed, Series A
• Office Location: 2595 Canyon Boulevard, Suite 100, Boulder
• Website: ridgetopventures.com

7. Ascent Venture Partners

Healthcare IT investor with Boulder office, focused on digital health and medical software.

• Recent Deals: Led two Boulder healthcare software rounds in 2024-2025 ($4M and $6M), backed digital therapeutics company, funded telehealth platform
• LinkedIn: Randy Yohe
• Sector Focus: Healthcare IT, digital health, telehealth, medical software, care coordination
• Stage Focus: Seed, Series A, Series B
• Office Location: 1899 Wynkoop Street, Denver (frequent Boulder presence)
• Website: ascentvp.com

8. Boulder Ventures

Local fund investing exclusively in Boulder and surrounding mountain communities.

• Recent Deals: Invested in 8 Boulder startups in 2024-2025 ($500K-2M checks), backed climate tech company, funded two B2B SaaS startups
• LinkedIn: Boulder Ventures
• Sector Focus: B2B SaaS, climate tech, outdoor brands, local businesses
• Stage Focus: Seed, Series A
• Office Location: 1942 Broadway, Suite 314, Boulder
• Website: boulderventures.com

9. Galvanize Ventures

Backs graduates from Galvanize coding bootcamp and data science programs.

• Recent Deals: Funded three Boulder Galvanize alumni companies in 2025, backed developer tools startup, invested in data analytics platform
• LinkedIn: Galvanize Ventures
• Sector Focus: Developer tools, data science platforms, B2B SaaS, analytics software
• Stage Focus: Pre-seed, Seed
• Office Location: 1023 Walnut Street, Boulder
• Website: galvanize.com/ventures

10. Blackhorn Ventures

Enterprise software specialist with four Boulder B2B investments in 2024-2025.

• Recent Deals: Led Boulder sales enablement platform seed ($2M, 2025), backed two Boulder workflow automation companies, funded HR tech startup
• LinkedIn: Blackhorn Ventures
• Sector Focus: Enterprise SaaS, sales enablement, workflow automation, HR tech, B2B software
• Stage Focus: Seed, Series A
• Office Location: 1600 Range Street, Boulder
• Website: blackhornvc.com

11. BuisnessAngels

Active Boulder angel network that funded 15+ local startups at pre-seed in 2025.

• Recent Deals: Backed nine Boulder pre-seed companies ($50-200K checks), funded climate tech startup, invested in outdoor gear company
• LinkedIn: BuisnessAngels Boulder
• Sector Focus: All sectors (generalist angels)
• Stage Focus: Pre-seed, Seed
• Office Location: Boulder (members throughout city)
• Website: buisnessangels.com

12. Colorado Impact Fund

Climate and sustainability focused fund with strong Boulder portfolio.

• Recent Deals: Funded two Boulder clean energy companies in 2025, backed sustainable agriculture startup, invested in water conservation tech
• LinkedIn: Colorado Impact Fund
• Sector Focus: Climate tech, clean energy, sustainable agriculture, water tech, renewable energy
• Stage Focus: Seed, Series A
• Office Location: 1536 Wynkoop Street, Denver (active in Boulder)
• Website: coloradoimpactfund.com

13. Energize Ventures

Energy tech specialist with Boulder presence, backed two local energy startups.

• Recent Deals: Invested in Boulder grid management software ($5M, 2024), backed energy storage company, funded two clean energy infrastructure startups
• LinkedIn: John Tough
• Sector Focus: Energy tech, grid software, energy storage, clean infrastructure, utility software
• Stage Focus: Seed, Series A, Series B
• Office Location: Chicago (active Boulder presence)
• Website: energize.vc

14. PEX Labs

Climate tech venture studio that builds and funds companies, launched Boulder startup in 2025.

• Recent Deals: Built and funded Boulder carbon accounting platform (2025), partnered on clean energy project, studio model with NREL researchers
• LinkedIn: PEX Labs
• Sector Focus: Climate tech, carbon accounting, clean energy, sustainability software
• Stage Focus: Pre-seed, Seed (studio model)
• Office Location: Boulder office near NREL
• Website: pexlabs.io

15. Innosphere Ventures

Fort Collins-based fund that invests in Boulder and northern Colorado companies.

• Recent Deals: $300K-1M checks to 12 Colorado companies in 2024-2025, backed three Boulder startups, funded cleantech and healthcare companies
• LinkedIn: Mike Freeman
• Sector Focus: Cleantech, healthcare, ag tech, B2B SaaS, hardware
• Stage Focus: Seed, Series A
• Office Location: 320 E Vine Drive, Fort Collins (active in Boulder)
• Website: innosphereventures.com

16. Sandbox Industries

Healthcare and fintech specialist with Boulder office, one local deal in 2025.

• Recent Deals: Backed Boulder healthcare software company ($8M Series A, 2024), invested in fintech startup, funded health data platform
• LinkedIn: Sandbox Industries
• Sector Focus: Healthcare IT, fintech, insurtech, health data platforms
• Stage Focus: Series A, Series B
• Office Location: Chicago (Boulder office presence)
• Website: sandboxindustries.com

17. Next Frontier Capital

Outdoor and sustainability specialist with Denver and Boulder investments.

• Recent Deals: Backed two Boulder outdoor brands in 2024-2025, funded sustainable consumer products company, invested in active lifestyle startup
• LinkedIn: Rob Lubbers
• Sector Focus: Outdoor brands, sustainable products, active lifestyle, consumer goods, climate tech
• Stage Focus: Seed, Series A
• Office Location: 1580 Lincoln Street, Denver (active in Boulder)
• Website: nextfrontiercap.com

18. Pivot Investment Partners

Local Boulder fund backing entrepreneurs with strong community connections.

• Recent Deals: Invested in five Boulder startups in 2024-2025, backed B2B SaaS company, funded outdoor tech startup, invested in local climate company
• LinkedIn: Pivot Investment Partners
• Sector Focus: B2B SaaS, climate tech, outdoor brands, local businesses
• Stage Focus: Seed, Series A
• Office Location: 2855 Walnut Street, Boulder
• Website: pivotinvestmentpartners.com

Start tracking your Boulder investor outreach

These 18 investors closed Boulder deals in 2024-2025. Before you start scheduling coffee meetings at Ozo or The Cup, set up proper tracking.

Upload your deck to Ellty and create a unique link for each Boulder investor. You'll see exactly which slides they view and how long they spend on your team background. Boulder investors typically care more about your commitment to the community and your team's Boulder connections than your TAM calculations.

When investors ask for more materials after your second or third coffee meeting, share an Ellty data room instead of email attachments. Your financial model, customer references, and product roadmap in one secure place. Boulder funds appreciate organization even if they're more casual than coastal VCs.

Common questions

Do I need to be based in Boulder to raise from Boulder investors?

You don't need to live here already, but you need to commit to staying. Boulder investors won't fund you if you're planning to relocate to SF after your seed round. They fund companies that will build teams and contribute to the local ecosystem.

How does Boulder compare to Denver for fundraising?

Boulder has more seed capital but Denver has larger growth funds. Boulder investors prefer climate tech, outdoor brands, and community-focused companies. Denver leans toward fintech, healthcare, and enterprise software. Raise in Boulder for seed, bring in Denver co-investors for Series A.

What's the average seed round size in Boulder?

$1.5-2M for typical Boulder seed rounds in 2025-2026. Pre-seed runs $300-600K. Series A is $5-8M. Those numbers are lower than SF but higher than most second-tier cities.

Should I raise locally or go to SF or Denver?

Raise locally if you're building climate tech, outdoor brands, or sustainable products. The Boulder network and community matter for these sectors. For generic SaaS or consumer apps, Denver or SF might be better unless you have strong Boulder connections.

How important is participating in the Boulder ecosystem?

Very important. Boulder investors expect you to speak at meetups, mentor at accelerators, and hire locally. This isn't just capital - it's a community. If you want transactional investor relationships, raise on the coasts.

What industries get funded most in Boulder?

Climate tech and clean energy are hot right now because of NREL proximity. Outdoor and active lifestyle brands have always done well here. B2B SaaS gets funded if you have strong unit economics. Consumer social apps struggle unless they have outdoor or sustainability angles.

How long does fundraising take in Boulder?

10-14 weeks for seed rounds, 12-16 weeks for Series A. Boulder investors want multiple in-person meetings and won't rush. That's slower than SF but faster than many other markets. Plan accordingly.