Colorado’s Life Sciences Ecosystem Raised $2.15 Billion in 2024

Fundraising Exceeds $2B for the Second Time in Four-Year Period

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.

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.

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.

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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

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