Makers of pet treats, eco-friendly toilet paper and a new treatment for acne are among the Colorado companies that raised cash in February.
According to a tally of Form Ds filed with the SEC last month, 36 startups around the state raised a total of $484.5 million. (You can see our sortable spreadsheet here).
That compares to $342.8 million last month and $224 million raised in February 2022.
BusinessDen defines a startup as a business that’s less than 10 years old and excludes publicly traded companies, real estate ventures and funds.
Denver startups raised the most with $337.7 million among 13 deals, followed by Boulder startups with $81.8 million across seven deals. Startups outside of Denver and Boulder raised $65 million across 16 deals.
Here are some highlights from February:
Hangar Club LLC (Denver): $875,000
Hangar Club owners Daren Schmidt and James Love bought an airplane hangar on the former Lowry Air Force Base last June for $5.5 million.
Schmidt said the 22,000-square-foot space at 7600 E. First Place will reopen in June as a bar and event space with golf simulators.
“Really what we are is an indoor golf simulator with an elevated experience that can host events, lounge areas and really feel like a country club or just a cool space to hang out,” Schmidt said.
The company has seven employees, including three PGA professionals, and plans to hire a team of 40 once open. Schmidt said the goal is to expand to 10 more markets across the U.S., and that he’s already scouting future locations.
Hangar Club is raising a total of $3.3 million in this round of funding. Schmidt said the $875,000 reported raised as of February will go towards finishing construction.
Woof Pet Inc. (Boulder): $1.7 million
Boulder-based Woof Pet raised $1.7 million last month.
The company sells dog treats such as “pupsicle pops,” “woof nuggets” and “doggy broth.” In addition to treats for your pup, Woof Pet sells collars, harnesses and training clickers.
Founded in 2019 by Daniel Haarburg, this is the company’s first round of funding, according to SEC filings.
PACT Outdoors (Crested Butte): $650,000
Crested Butte-based PACT Outdoors raised $650,000 in February.
The company makes eco-friendly toilet paper and wipes for outdoor enthusiasts. The products are made with mycelium, which reduces pathogens and breaks down naturally.
Co-founder Noah Schum started the company with his brother-in-law in 2021 after noticing the amount of human waste left at campsites.
The money raised last month will go toward hiring more employees, moving manufacturing to Colorado and investing more in research, Schum said. The company has one employee apart from the founders, and plans to add seven positions in the next two years.
Most recently, PACT started a research internship with Colorado Mountain College. PACT products are currently sold by REI and Moosejaw.
Accure Acne Inc. (Boulder): $7.9 million
A Boulder-based company that makes laser technology to treat acne raised $7.9 million last month, according to SEC filings.
Eight-year-old Accure Acne got FDA clearance in November on its Accure Laser System, which treats inflammatory acne vulgaris, according to a news release. Co-founder Richard Rox Anderson is the dermatologist behind laser hair removal and tattoo removal.
Chief Financial Officer Karl Nicholls said now that the company has FDA approval, this round of funding will go toward selling the device to board-certified dermatologists across the country.
Accrue has seven employees, but plans to have a team of 50 by the end of the year and eventually expand into Europe. The laser is manufactured in Milan, Italy.
Nicholls said the company is looking to raise $20 million in this round of funding.
Accure brought in $3.5 million in April last year and has raised a total of $15.6 million to date, according to SEC filings.
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