INFOCU5 Relocates Operations to Grand Junction, Colorado
According to the Colorado Office of Economic Development and International Trade, this move, combined with its expansion plan, will add 403 net new jobs to the state, 171 of which will be location neutral and available throughout rural Colorado. INFOCU5 is headquartered in Telluride and has a satellite office in Denver.
CEO Jake Bush stated, “Over the past two years, I’ve been re-establishing my roots here in southwestern Colorado after living in Santa Barbara, California for 16 years. Being born and raised in Telluride, the changes I have seen across the Western Slope have led to a newfound appreciation for the entire region, more specifically the countless gems in and around Mesa County. Our ongoing effort to exit our California operations over the past 14 months has been met with great excitement to be officially teaming up with the Grand Valley communities to help spearhead sustainable economic growth and opportunity throughout the Western Slope corridor and rural-based communities of Colorado, with Grand Junction being the location of our new core operations HUB.”
“The growth of INFOCU5 is a true Colorado success story. As a Colorado born and raised company, its founders have chosen to build on their Telluride operations by investing in neighboring communities and tapping the tech talent network across the state. Not only will the INFOCU5 expansion add quality technology sector jobs outside of the Front Range, it will leverage remote working to attract statewide talent. These jobs offer immediate opportunity for Coloradans at a vital time while further diversifying the western slope’s industry composition and enhancing its economic resilience,” said Michelle Hadwiger, director of Global Business Development at OEDIT.
INFOCU5 plans to hire nearly 300 employees over the next three years at its new Grand Junction location. Employees will earn an average annual salary of $60,513, which is 150 percent of the average annual wage in Mesa County. The company’s hybrid work environment provides remote, “location neutral” job opportunities for 50 percent of its employees.
The Economic Development Commission approved a Job Growth Incentive Tax Credit for $2,760,219 over an 8-year period for the creation of up to 403 net new jobs equal or greater than Mesa County, which is $43,030.They were also approved for an additional $1,111,500 for up to 171 net new permanent full-time jobs through the Strategic Fund LONE incentive. INFOCU5 is the first company in Colorado’s Grand Valley to take advantage of the LONE incentive which provides companies that are approved for a Job Growth Incentive Tax Credit in the State of Colorado additional a cash incentive for each remote worker employed in an eligible rural county.
INFOCU5 has also received funding from the Colorado Venture Capital Authority via the Greater Colorado Venture Fund. This backing requires them to maintain their headquarters in Colorado for five years or keep at least 50% of their workforce in the state.
Marc Nager, managing director of the Greater Colorado Venture Fund, stated that the company “is well positioned in the market, even in a COVID-impacted world, while no one can guarantee success in the startup world, this company is one that we feel confident backing and hopefully becoming a great success story for startups and economic development in rural Colorado.“
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