CanopyBoulder oversubscribes $4M fund

BOULDER — CanopyBoulder, an early-stage venture fund and accelerator for businesses in the cannabis industry, oversubscribed its $4 million accelerator fund.

In turn, it has increased its funding offer to $130,000 for qualifying businesses.

Applications for funding are open to any company developing products and services ancillary to the cannabis space, as well as to newly emerging CBD and hemp companies. This is CanopyBoulder’s fifth accelerator fund in Boulder and sixth fund overall.

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“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 in a prepared statement. “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 for startups. Each company in the accelerator will receive $130,000 in exchange for equity and convertible debt.

The CanopyBoulder accelerator is a 16-week program based in Boulder designed to refine business strategy and prepare companies to raise capital.

Applications will be accepted until March 28. The program will run from May 6 until the end of August.