This story was produced in partnership with the Howdy Partners, a fund that focuses on investing in innovative companies outside Colorado’s urban centers.
Venture capital accounts for less than 1% of all business financing in the United States. Of that small share, less than 1% reaches rural companies; despite evidence that rural businesses often demonstrate stronger survival rates than their urban counterparts.
When investment flows into a rural company—whether through venture capital, angel funding, or other sources—the effects can extend far beyond the business itself. New and often higher-paying jobs, capital investment in facilities and infrastructure, and the arrival of specialized expertise can spur additional development across the local economy. In rural areas, the impact of growth-stage capital is often amplified because smaller, more isolated economies allow each new job to punch above its weight.
Two recent examples of impactful, rural investment are Agile Space Industries in Durango and BOPA Precision Agriculture in Florence, Colorado, both of which are portfolio companies with Howdy Partners and recently closed substantial rounds.
Their latest funding marks a significant step in each company’s growth and signals confidence from investors in what they are building. It also creates an opportunity to look more closely at how growth-stage capital can strengthen rural businesses and, in turn, contribute to the economic resilience of the communities around them.
Agile Space Industries in Durango, Colorado
Initially launched as a chemical propulsion test services company in 2009, Agile Space Industries pivoted in 2019 to become an advanced in-space thruster manufacturer. In that year, they secured their first engine design contract with Lockheed Martin and closed their first round of funding with Howdy Partners (formerly the Greater Colorado Venture Fund).
Cory Finney, Managing Partner at Howdy, has been involved with Agile since the firm’s first investment. He said the company initially caught their attention because of founder Daudi Barnes’ deep industry knowledge and strong engineering expertise. The timing also mattered: new developments in additive manufacturing created an opportunity for Agile to move quickly from testing into design and manufacturing.
Since their initial $875K round in 2019, the company has gone on to raise several rounds of financing. The completion of their $19.6M Series A brings the total amount of capital the company has raised to over $41M. Additionally, the company has secured over $25M in non-dilutive funding, including several multimillion dollar engineering product development awards from Space Force.
That capital has helped the company expand its workforce and facilities in Durango, and acquire an additive manufacturing company in Pennsylvania. Last year, Agile also received $20 million from the City of Tulsa to open a second test site in Oklahoma.
“We booked $28 million in revenue last year,” Chris Pearson, CEO at Agile Space Industries, said. “And we’ve already secured enough new business this year without winning any more work to hit over $45 million in revenue. So we’ve been very, very capital efficient.”
The majority of Agile’s workforce remains in Durango, where the company employs 125 employees, including 70 jobs created in the region over the past three years. Pearson said those roles span entry-level, mid-career, and senior positions. Many entry-level employees have come from Fort Lewis College, drawing recent graduates who want to stay in the area. The company’s location has also helped attract more senior talent who see Durango as a great place to eventually retire.
“You walk around Durango, and people are talking about Agile,” Finney said. “We have this crazy concentration of