'Race to the Raise' competition offers venture capital to Denver startups

Posted at 6:57 PM, May 16, 2017

DENVER – Denver is home to a growing technology and startup scene and the city wants to help some of the area’s young companies get off the ground.

The Denver Office of Economic Development started taking applications for its “Race to the Raise” program Monday.

The competition will pitch local startups against each other for the chance to win extra funding.

In order to qualify, a company needs to have raised at least $250,000 in capital but no more than $4 million and it must either be located in or planning to relocate to Denver. Startups also need to show a plan for job creation and economic growth.

Judges will score all the applicants and choose finalists who will pitch their companies at an event on June 13. The judges will then pick the top three startups from that group.

The two runners-up will each receive $15,000, while the grand prize winner will receive $25,000 and admission to the Colorado Venture Summit the following day. The three finalists also will have a chance to earn a funding match of $75,000 after the main competition.

Interested startups can get an application here. Applications will be accepted until Friday, June 2 at 5 p.m.