DENVER — The Colorado Office of Economic Development and International Trade (OEDIT) in partnership with the Colorado Venture Capital Authority (VCA) is currently accepting responses to a Request for Proposals (RFP) for fund manager/ General Partners in a new Fund(s).
Authorized by 2004 statute, the VCA is a venture capital funding program designed to fill a gap in private capital markets and provide seed and early stage capital investments in Colorado companies with the potential for rapidly scaling their businesses. 50% of the funding is available to statewide businesses; 25% to rural businesses and 25% to businesses in distressed urban communities.
The VCA plans to allocate a minimum of $23 million in investment capital to a fund or funds where at least $11 million is expected to be invested statewide, and at least $12 million is expected to be invested in Distressed Urban Communities ( as defined by urban enterprise zones) pending receipt of qualified approved applications through this open and competitive process. The VCA is particularly interested in funding businesses that are founded and/or led by women, minorities, veterans and other under-served populations.
The VCA is not limited to investing in any particular industry sector; however, the VCA is interested in responses from fund managers with an informed post-COVID strategy and expertise in clean energy, health, and software. The VCA is also open to fund managers with expertise in other sectors such as outdoor recreation, natural foods and advanced industries among other sectors.
RFPs are due by August 17 and finalists will be notified by September 24, 2020. Fund managers will be selected by October 30, 2020.
Those interested in responding to the RFP must notify staff of their interest by emailing firstname.lastname@example.org with the email subject “VCA RFP”. In the body of the email include the Potential Fund Manager’s Name (including any “assumed or doing business as” names), address, phone number, website address, email address and any other pertinent contact information. Interested parties will then be provided a secure means to submit application materials.