FOR IMMEDIATE RELEASE
Amy E. S. Maier, firstname.lastname@example.org,
Gregory Bortolin, email@example.com,
(775) 687-9917, GOED Director of Communications
Aug. 31, 2022
LAS VEGAS, Nev. – At the International Innovation Center @Vegas in downtown Las Vegas, Nevada State Treasurer Zach Conine announced that through Nevada’s State Small Business Credit Initiative (SSBCI) more than 40 Nevada-based companies that participate in StartUpNV, a nonprofit statewide incubator and accelerator for startup companies will be supported with SSBCI matching funds, administered by The Governor’s Office of Economic Development.
The SSBCI funds, subject to federal approval, will be invested in 10 Nevada companies at a pre-seed stage (less than $500,000 in revenue) and another 30 companies at the seed stage ($500,000 to $2 million in revenue) over a three-year period. The SSBCI funding will match investments made by StartUpNV’s affiliated venture funds, including AngelNV, a $200,000 annual conference fund; FundNV, a $1 million pre-seed fund; and a newly formed $10 million seed fund. All 40 companies receiving investments will have participated in StartUpNV programs, including its AngelNV education bootcamp or its business accelerator.
“StartUpNV has a proven track record of success in investing and mentoring Nevada-based startups, and this partnership will enable it to expand their efforts and support more businesses at various cycles of development with the necessary capital to succeed,” said Nevada State Treasurer Zach Conine. “By investing in our homegrown startups, Nevada is investing in its own future to create a more resilient and diverse economy to benefit generations to come. This is a ground-breaking next step in the evolution of the Nevada’s State Venture Capital Program under the federal SSBCI program.”
“In just five years, StartUpNV has already helped hundreds of founders, supported the launch of dozens of companies, and built a robust network of angel investors in Nevada,” said StartUpNV executive director Jeff Saling. “StartUpNV’s investment funds together with this federal funding and state partnership will significantly expand our programs’ reach to support more startups – enabling them to start here and stay here thanks to new investment capital.”
Ed Zabrotzky, CEO of See ID, added how important StartUpNV has been to his startup’s success and that the investment funding through SSBCI will be critical for others looking to expand in Nevada.
SSBCI is a federal program created in 2010 and operated by Nevada Governor’s Office of Economic Development (GOED). The American Rescue Plan Act of 2021 reauthorized and expanded the SSBCI program with $10 billion to increase equitable access to capital for small businesses emerging from the pandemic, build ecosystems of opportunity and entrepreneurship while also creating high-quality jobs.
StartUpNV is a 501(c)3 non-profit statewide accelerator and business incubator for scalable Nevada-based startups that provides expert mentorship and access to a network of capital partners. StartUpNV’s founders, mentors, university connections, investors, and business partners work together to grow and support a robust, inclusive startup ecosystem in Nevada. StartUpNV’s related venture funds, FundNV, AngelNV, and a new seed fund provide startups access to local venture capital along with education for entrepreneurs and angel investors. Since inception in 2017, StartUpNV has heard pitches from more than 1,000 startups, held more than 250 education events, and seen more than $75 million in venture capital raised for 33 companies. For information visit: https://startupnv.org/.
About the Governor’s Office of Economic Development
Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development is the result of a collaborative effort between the Nevada Legislature and the Governor’s Office to restructure economic development in the state. GOED’s role is to promote a robust, diversified, and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development. For more information visit http://www.diversifynevada.com/.