The Colorado BioScience Association (CBSA) announced that 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 brought in nearly $12 billion for life sciences research and development during the last eight years from public and private sources and 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. And this year marks the second time in four years that funding totals have reached $2 billion. During the record fundraising of 2021, driven by the pandemic, Colorado companies and organizations raised $2.4 billion.
Colorado Life Sciences Financings: Eight-Year History
Colorado’s life sciences fundraising has reached close to $12 billion in the last eight years.
— 2024 – $2.15 billion
— 2023 – $1.47 billion
— 2022 – $1.6 billion
— 2021 – $2.4 billion
— 2020 – $1.2 billion ($2.6 billion including Invitae’s acquisition of ArcherDX)
— 2019 – $850 million ($1.2 billion including Pfizer acquisition of Array Biopharma)
— 2018 – $1 billion
— 2017 – $1.2 billion
Funding Sources
Colorado companies have 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 million
— Pre-Seed/Seed – $23 million
— Series A + B – $183.4 million
— Series C, D + Later – $146.4 million
— Other – $30.1 million
Federal Grants
Federal funding offers 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. And 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 was awarded $5.5 million in Advanced Industries Accelerator Grants to life sciences companies and university researchers this year.
Colorado’s life sciences community makes a vital contribution to health innovation for patients and the state’s economy, providing mission-driven and high-paying jobs to over 41,000 Coloradans, according to new data from BIO. And the $52.9 billion in economic impact of 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 and utilizes publicly available sources, including company news releases, media reports, SEC filings, federal and state databases, and Crunchbase.
KEY QUOTES:
“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. 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.”
“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. 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.”
- Elyse Blazevich, President & CEO of Colorado BioScience Association
