Colorado Life Sciences Companies Raise $1.6 Billion in 2022

Researchers and Startups Received Increased Funding from Federal Grants and Pre-Seed/Seed Rounds

DENVER – Colorado BioScience Association today announced annual fundraising totals for the state’s life sciences ecosystem. Companies, organizations, and researchers in the state’s life sciences community raised $1.6 billion in 2022, marking the sixth year fundraising totals hit more than $1 billion. The numbers are consistent with life sciences funding trends across the U.S., with activity remaining strong but returning to pre-pandemic levels following a record-breaking 2021.  

“Colorado BioScience Association celebrates our community’s fundraising totals of $1.6 billion. The numbers are remarkable given market volatility and a significant decrease in IPOs across all sectors,” said Elyse Blazevich, President & CEO of Colorado BioScience Association. “Colorado BioScience Association supports capital and growth opportunities for companies and organizations at every stage of commercialization. The increase in federal funding and Pre-Seed/Seed capital is a significant win for our early-stage companies, indicating government and investor confidence in breakthroughs being developed in Colorado.”

Colorado Life Sciences Financing History – Six-Year Totals

2022: $1.6 billion

2021: $2.4 billion

2020: $1.2 billion, $2.6 billion including Invitae acquisition of ArcherDX

2019: $850 million, $12.1 billion including Pfizer acquisition of Array Biopharma

2018: $1 billion

2017: $1.2 billion

The largest source of funding for Colorado’s life sciences ecosystem came from federal funding that totaled $556.0 million, an increase of $125.8 million compared to 2021. Federal grants and contracts advance vital life sciences research and development at Colorado companies and academic and research institutions

Sources of federal funds for life sciences in Colorado included the Biomedical Advanced Research and Development Authority (BARDA), Department of Defense, National Institutes of Health (NIH), and the National Science Foundation (NSF), many of which 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 were the state’s largest recipients of federal grants for life sciences research and development. 

Additionally, Colorado companies raised more than $520.3 million in capital from public sources and $389.2 million in capital from private sources, including $367.7 million in venture funding.  Pre-Seed and Seed Funding increased significantly, with $11.3 million raised, compared to $2.4 million in 2021.

2022 Totals
Pre-Seed/Seed$11.3 Million
Series A and B$193.8 Million
Series C, D, and E$81.5 Million
Series F$40.3 Million
Series Unknown$40.7 Million
$367.7 Million

The State of Colorado awarded more than $8 million in Advanced Industries Accelerator Grants to 26 Colorado life sciences companies and university researchers in 2022. As a designated Advanced Industry in Colorado, the life sciences ecosystem makes a significant contribution to the state’s diverse and fast-growing economy, creating high-paying jobs for more than 37,000 Coloradans.

“The state’s Advanced Industries Accelerator Grant Program is a critical source of non-dilutive funding for our life sciences companies,” said Blazevich. “We look forward to collaborating with the state Office of Economic Development and International Trade, our Advanced Industries partners, and the state legislature to reauthorize the program in 2023.

Colorado BioScience Association tracks annual life sciences financings using publicly available sources, including company news releases, media reports, SEC filings, federal and state databases, and 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:

Media Contact:

Sheliah Reynolds
Primavera Group for Colorado BioScience Association
(720) 289-4739

Categories: CBSA News