More than 40 Nevada-based startups will receive federal SSBCI matching funds alongside investments from StartUpNv

Jeff Saling, Executive Director of StartUpNV

LAS VEGAS – At the @Vegas International Center for Innovation in downtown Las Vegas, Nevada State Treasurer Zach Conine announced that through the State of Nevada (SSBCI), more than 40 Nevada-based companies participate in StartUpNV, a statewide nonprofit incubator and accelerator. for start-ups will be supported by SSBCI matching funds, administered by the Governor’s Office of Economic Development.

SSBCI funds, subject to federal approval, will be invested in 10 pre-seed-stage Nevada companies (less than $500,000 in revenue) and 30 additional seed-stage companies ($500,000 to $2 million). dollars in revenue) over a three-year period. period. SSBCI funding will match investments made by StartUpNV-affiliated venture capital funds, including AngelNV, a $200,000 annual conference fund; FundNV, a $1 million pre-seed fund; and a new $10 million seed fund. All 40 companies receiving investments will have participated in StartUpNV programs, including its AngelNV educational bootcamp or business accelerator.

“StartUpNV has a proven track record of investing in and mentoring Nevada-based startups, and this partnership will allow it to expand its efforts and support more companies at different development cycles with the capital needed to succeed,” said said Nevada State Treasurer Zach. Conine. “By investing in our local startups, Nevada is investing in its own future to create a more resilient and diverse economy to benefit generations to come. This is a revolutionary next step in the evolution of the state of Nevada’s 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 strong network of angel investors in Nevada,” said StartUpNV Executive Director Jeff Saling. “StartUpNV’s investment funds, combined with this federal funding and state partnership, will dramatically expand the reach of our programs to support more startups – allowing them to start here and stay here with new capital. ‘investment.”

Ed Zabrotzky, CEO of See ID, added how important StartUpNV has been to the success of his startup and that funding investments through SSBCI will be essential for others looking to expand in Nevada.

SSBCI is a federal program established in 2010 and managed by the Governor of Nevada’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, create ecosystems of opportunity and entrepreneurship while creating high quality jobs.

About StartUpNV

StartUpNV is a statewide 501(c)3 non-profit business accelerator and incubator for scalable Nevada-based startups that provides expert mentorship and access to a network of financial partners . StartUpNV’s founders, mentors, college connections, investors, and business partners work together to grow and support a robust and inclusive startup ecosystem in Nevada. StartUpNV’s associated venture capital funds, FundNV, AngelNV, and a new seed fund provide startups with access to local venture capital as well as training for entrepreneurs and angel investors. Since its inception in 2017, StartUpNV has heard pitches from over 1,000 startups, hosted over 250 educational events, and seen over $75 million in venture capital raised for 33 companies. For more information visit: https://startupnv.org/.

About the Governor’s Office for 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 Office of the Governor to restructure the economic development of the State. GOED’s role is to promote a robust, diverse, and prosperous economy in Nevada, stimulate business expansion and retention, encourage entrepreneurship, attract new business, and facilitate community development. For more information, visit http://www.diversifynevada.com/.

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