The Big Red (2-1) matched last year's win total, which only included one Division I win. Both wins this year have been against D-I competition.
The Raiders (0-2) scored the first eight points and stretched that opening run to 15-2 before ending the half up 31-22.
The score was 43-30 before a Galal Cancer 3-pointer at the 10:20 started the comeback for the Big Red. Wil Bathurst followed with a 3 and a free throw, Cancer made two foul shots and Darryl Smith had a layup to make it 43-41 before Austin Tillotson's 3 ended the run at 7:02.
But Cherry quickly responded with a layup and followed with a layup after teammates made four free throws and Colgate was ahead 49-46 with 5 minutes left.
Damon Sherman-Newsome led Colgate with 19.