Colorado to invest $25 million in startup firms

The Colorado Venture Capital Authority, replacing a criticized program, has hired a Boulder company to manage the fund.

The state’s replacement for a controversial program designed to help Colorado startup companies will begin investing up to $25 million as soon as this summer.

The Colorado Venture Capital Authority, Colorado’s first state-backed investment fund, has sealed a deal with High Country Venture LLC, an affiliate of Boulder private investment company Tango, to manage the fund.

The authority was created by the legislature last year to replace the Certified Capital Company program, known as CAPCO, which was designed to spur economic growth. But critics – including Gov. Bill Owens – called the program expensive and inefficient.

By Julie Dunn
Denver Post Staff Writer

Full Story: http://www.denverpost.com/business/ci_2815900

*******

State hires manager for venture capital

By David Milstead, Rocky Mountain News

Four years ago, the state of Colorado tried to provide money to early-stage companies through the "certified capital companies" program, found by its regulators to be inefficient and costly.

The state now will try again. High Country Venture LLC, a new offshoot of Boulder private-equity firm Tango Capital, will manage just under $25 million in state money.

Full Story: http://www.insidedenver.com/drmn/business/article/0,1299,DRMN_4_3873228,00.html