Denver is looking to ease growing pains for three local business ventures with a potential six-figure cash infusion.

Designed to invigorate Denver‘s small business climate and promote local job growth, city officials announced a venture capital competition, pitting local startups against each for a cash award.

The “Race to the Raise” competition opened May 15 to early-stage companies that have raised at least $250,000 but no more than $4 million. The program is run through the city’s Office of Economic Development and its Denver Venture Showcase and includes a possible $100,000 award and invite to the Colorado Venture Summit.

A panel of experts from the business startup community will select from the applicant pool which ventures will attend a June 13 pitch event. There, the companies will compete for prize packages including a $25,000 first-place prize and two runner-up awards of $15,000. Following the competition, the top three companies will have six months to see who can raise an additional $500,000 in equity or convertible debt – which will be matched with a $75,000 cash award from the city.

“There is no shortage of early-stage firms that are doing great things in Denver,” Denver Mayor Michael Hancock said in a statement. “We’re committed to doing all we can as a city to spotlight these firms, foster additional growth and investment, and propel our culture of innovation to an even higher level.”

Furthermore, the competition’s first-place winner will land admission to the invite-only Colorado Venture Summit, which takes place June 14.

“We’re tremendously excited to send the winning firm to the Colorado Venture Summit,” said Turid Nagel-Casebolt, OED’s director of business development. “With investors from around the nation, the Summit offers incredible potential for a growing firm to land a significant amount of operating capital. This could truly be a quantum boost for a small firm that is just beginning to learn how to present itself, demonstrate promise, and raise funding.”

Interested business ventures can apply here. The application filing deadline is 5 p.m., Friday, June 2.

– adam@coloradostatesman.com