A Denver-based equity venture capital fund investing in minority and women-owned firms has sued the City and County of Denver, alleging the city violated their contract by cutting off funding and i…
A venture capital fund hired by Denver to invest in minority and women-owned businesses has sued the city, alleging it has failed to provide the $15 million in funding promised. An equity venture capital fund investing in minority-owned and women-owned firms has sued Denver, alleging the city has violated its contract by cutting off funding and leaving disadvantaged businesses at risk.
The goal was to help 1,000 disadvantaged businesses initially and eventually double the fund’s size through the return of capital and future renewals from Denver, creating a self-sustaining pool of capital. Limited partners normally take a passive role, and even though it was one step removed, DEDO started requesting what Shoots described as “unnecessary” contractors, reducing how much money could go to support businesses. In one case, DEDO asked that DEMI hire a subcontractor based in Houston, which Shoots refused to do.
Shoots said she hoped Mayor Michael Johnston would revere course, only to be told that the Herman Malone Fund was out of money. Cannabis sales are down, but the city has yet to provide an explanation as to why the fund is out of money.Golden police’s 32-hour workweek — for 40-hour pay — resulted in faster emergency response times, data show
“I appreciate the opportunity, but we do not have a comment to offer at this time,” Melissa Sisneros, a public information officer in the City Attorney’s Office said in an email.
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