Fundraising Exceeds $2B for the Second Time in Four-Year Period
DENVER – Colorado BioScience Association (CBSA) announces the state’s life sciences ecosystem raised $2.15 billion in 2024, a 46% increase compared to 2023. Colorado, recognized as the Hub for Health Impact, has attracted close to $12 billion for life sciences research and development during the last eight years from public and private sources, as well as federal, state, and foundation grants.
Colorado’s life
sciences companies and organizations demonstrated fundraising strength throughout
2024, surging past $1 billion in the first two
quarters of the year, according to CBSA data. The
2024 numbers mark the second time in a four-year period that funding totals
have reached $2 billion. During the record fundraising of 2021, fueled by the
pandemic, Colorado companies and organizations raised $2.4 billion. “Colorado BioScience
Association applauds our ecosystem’s phenomenal fundraising success. Investors
know there’s a unique and powerful convergence of world-changing technologies
being developed in Colorado, with life sciences playing an interconnected
role,” said Elyse Blazevich, President & CEO of Colorado BioScience
Association. “Life sciences investors, companies, and talent are seeing and
seizing the opportunities in Colorado because of our collaborative community, top-ranked
talent, central location, robust infrastructure, reasonable costs, and
unmatched quality of life. It’s no surprise Colorado now ranks in the top
quintile
for life sciences venture capital funding.”
Colorado Life Sciences Financings: Eight-Year History
Colorado’s life sciences fundraising is
approaching close to $12 billion raised in the last eight years. 2024: $2.15B 2023: $1.47B 2022: $1.6B 2021: $2.4B 2020: $1.2B ($2.6B
including Invitae acquisition of ArcherDX) 2019: $850M ($12.B including
Pfizer acquisition of Array Biopharma) 2018: $1.0B 2017: $1.2B
Funding Sources
Colorado companies
raised $818.5 million in public capital, a 64% increase compared to 2023
through post-IPO equity and debt, $445.0 million through mergers, acquisitions,
and partnerships, and $383.0 million in private capital, primarily from venture
funding.
Private
Capital $383.0M Pre-Seed/Seed $23.0M Series A
+ B $183.4M Series C,
D + Later $146.4M Other $30.1M
Underscoring the
ecosystem’s maturity and growth, several high-profile Colorado companies
recently announced clinical milestones, including Edgewise Therapeutics, Enveda, OnKure Therapeutics, and Umoja Biopharma.
Federal Grants
Federal funding
provides critical capital for research and development at private companies and
academic and research institutions, with grants from the National Institutes of
Health and National Science Foundation totaling $496.6 million. In many cases,
the grant dollars are deployed through the Small Business Innovation Research
(SBIR) and Small Business Technology Transfer (STTR) programs. The University
of Colorado System, Colorado State University, and National Jewish Health continue
to rank as the state’s leading recipients of federal funding for life sciences
research and development.
State Grants
The State of Colorado’s
Office of Economic Development and International Trade awarded $5.5 million in Advanced
Industries Accelerator Grants to life sciences companies and university
researchers in 2024.
“Thanks to critical
funding from the state’s Advanced Industries Accelerator Grant Program,
Colorado companies and researchers are advancing technologies that will
revolutionize health and care,” said Blazevich. “CBSA is fighting to preserve
this program from projected state budget cuts in 2025, because it saves and
changes lives with breakthroughs developed here in Colorado. The program
provides significant return on investment to the state,
attracting $2.9 billion in follow-on capital for Colorado’s advanced industries
since 2016 and creating more than 5,000 jobs.”
Colorado’s life sciences
community makes a vital contribution to health innovation for patients and the
state’s economy, providing mission-driven, high-paying jobs to more than 41,000
Coloradans, according to new data from BIO. The $52.9 billion in
economic impact by Colorado’s life sciences ecosystem generates tax dollars, funds
critical infrastructure and education, and supports families and communities.
CBSA compiles and
analyzes annual life sciences financings using publicly available sources,
including company news releases, media reports, SEC filings, federal and state
databases, as well as Crunchbase.
Connect with CBSA: Twitter/X, Facebook and LinkedIn About Colorado BioScience Association Colorado BioScience Association (CBSA) creates
co-opportunity for the Colorado life sciences community. CBSA champions a
collaborative life sciences ecosystem and advocates for a supportive business
climate. From concept to commercialization, member companies and organizations
drive global health innovations, products, and services that improve and save
lives. The association leads Capital and Growth, Education and Networking,
Policy and Advocacy, and Workforce Cultivation to make its members stronger,
together. Learn more: cobioscience.com Media Contact: Sheliah Reynolds Primavera Group for
Colorado BioScience Association (720) 289-4739 ###
