CanopyBoulder raises over $4M for 2019 accelerator fund, increases funding offer to $130k
Marijuana business accelerator and venture fund oversubscribes sixth fund
BOULDER, Colo., Mar. 08, 2019 — CanopyBoulder, an early-stage venture fund for and business accelerator for the legal cannabis industry, oversubscribed it’s latest $4M accelerator fund and increased its funding offer to $130k for qualifying businesses. Application for funding is currently open for companies developing ancillary cannabis products & services a for the legal cannabis industry and newly emerging hemp & CBD businesses. Details can be found at canopyboulder.com/apply. This is CanopyBoulder’s fifth accelerator fund in Boulder and sixth fund overall.
“Oversubscribing our fund directly benefits accelerator teams; larger checks gives teams longer runways for testing and refining their business models” said co-founder and Managing Director, Patrick Rea. “This is one of the most generous offers available to any high-growth, early-stage company looking for investment capital.”
The fund will be used to provide critical resources, seed capital and follow-on funding to the companies that join the CanopyBoulder accelerator. Each company accepted into the program will receive up to $130k in exchange for a mixture of equity and convertible debt.
The 16-week CanopyBoulder program based in Boulder, CO is designed to accelerate sales, refine business strategy, and prepare companies to raise capital. Over 200 mentors, cannabis-focused venture firms, and key figures in the cannabis industry support the ten accepted CanopyBoulder teams throughout the program. Their partnership with angel investor forum, The Arcview Group, also provides portfolio companies with connections to over 600 cannabis-focused angel investors. After 16 weeks of pitch practice, business model refinement and miles logged meeting with cannabis executives, the cohort “graduates” and embarks on a presentation tour where they meet with investors, cannabis VIPs professionals, media, and local community.
The company is accepting applications from ancillary cannabis products and service companies and hemp & CBD companies until March 28th, 2019. The program will begin on May 6, 2019 and runs for 16 weeks, until the end of August 2019.
About CanopyBoulder CanopyBoulder is a business accelerator and seed-stage investment fund located in Boulder, Colorado. Since 2015, it that has launched 90 businesses and made over 110 investments. The firm looks for startups with great teams working on hard problems in growing industries. For more information, please visit www.canopyboulder.com.
About The Arcview Group Founded in 2010, The Arcview Group is responsible for a number of groundbreaking ventures in the cannabis industry. The Arcview Investor Network includes more than 600 accredited investors who have put more than $240 million behind over 200 companies. Arcview Market Research produces the State of Legal Marijuana Markets report, which is the most oft-cited market data report. In 2015, Arcview became a partner in CanopyBoulder, the first seed-stage mentor-driven business accelerator in the cannabis industry. Arcview is also co-founder of Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry. For more information, please visit www.arcviewgroup.com.