New Mexico Angels & NMA Ventures Awarded EDA Grant for Seed Fund Support

Federal Share: $300,000, Local Match: $300,000

New Mexico Angels (NMA) will create a two-fold Access to Capital Program and Seed Fund to address the access to capital gap in New Mexico and provide support to early-stage innovation-based companies. First, NMA will expand its access-to-capital education program beyond Albuquerque and Santa Fe, to educate entrepreneurs, investors and small businesses in rural and underserved communities in New Mexico about the types of capital available to aid their growth, how to access it, and what type of funding is best suited to them. Through events such as investment bootcamps and on-going virtual office hours, NMA’s access-to-capital education program seeks to educate 500 entrepreneurs and investors across the state. Second, NMA will further develop its new, equity-based capital fund, NMA Ventures. NMA will recruit and educate additional investors to increase the amount of capital available to early-stage, high-tech companies in New Mexico. NMA Ventures expects to raise $5 million in capital from private investors to be invested in 10-15 innovation-centric startups, ultimately supporting the creation of high-wage, sustainable jobs.

Andrea M. Garcia