NM Angels study shows $550M invested in local startups since 2019
By Molly Callaghan – Albuquerque Business First | May 6, 2025
New Mexico’s startup scene is booming, but a new report suggests the state still has room for improvement in certain areas of venture capital investment.
The New Mexico Angels recently funded a report to illustrate an accurate picture of what is happening in New Mexico’s startup ecosystem and increase awareness among out-of-state investors about the state’s investment opportunities.
New Mexico Venture Capital Report 2024 shows an upward trajectory in venture capital activity in New Mexico, with bioscience leading capital investment verticals.
The New Mexico Angels, a nonprofit membership organization dedicated to investing in and supporting high-growth companies across the state partnered with the Worcester Polytechnic Institute (WPI) on the report. WPI is a private research university with a focus on project-based learning and engineering, science, technology and mathematics programs located in Worcester, Massachusetts.
According to Drew Tulchin, president of the New Mexico Angels, a group of students from WPI travels to Santa Fe each year to engage with local organizations to solve regional problems.
Researches compiled the report using data from sources like CrunchBase, PitchBook, national VC reports, national angel investment data and data from the State Investment Council and New Mexico Economic Development Department. The WPI team also studied venture capital trends in 11 other states to develop a benchmark for New Mexico, according to a news release.
New Mexico Angels board chair, David Perez, Tulchin and volunteers including New Mexico Angels member and co-founder of New Mexico company Rest, Andrew Schulz, worked with the students and professors and wrote the final report with students’ assistance.
According to the news release, key findings of the report include:
- Venture capital investment in New Mexico startups has grown at a compound annual growth rate of 90% over the past four years, with over $550 million in capital invested in 130 companies since 2019.
- The number of identified venture investment deals has increased by 500%.
- Biosciences lead other investment verticals in capital investment (40%), followed by aerospace, technology and health care, which collectively account for another 40%.
- While early-stage investments (pre-seed and seed) are strong, the number of Series A to C deals is lower.
- Despite significant investment growth, New Mexico lags behind other states like Colorado and Michigan in startup exits.
“This report demonstrates how vibrant New Mexico’s startup ecosystem has become. The NM SIC’s commitment of $780 million to 22 leading national VC’s is an important foundation for growth. The next step is for the state to commit resources to build New Mexico’s brand as a destination for global innovators and raise awareness of the unique opportunities the state offers,” Perez said in an emailed statement.
