New investment fund raises $2 million to inject into New Mexico businesses

0
Drew Tuchin. (Roberto E. Rosales/Diary)

Up to 14 companies could benefit from a new $2 million venture capital fund focused on investing in New Mexico startups and local businesses with high growth potential.

Investor group New Mexico Angels has created the new “Vintage Fund 2022” to expand the availability of private equity in the local ecosystem, said NM Angels President Drew Tulchin.

The new fund will operate independently of the NM Angels, investing up to $150,000 in individual startups and established companies. But he will work in direct partnership with the NM Angels to identify promising companies and evaluate potential offers.

Angel members will also be invited to participate in all Vintage funding engagements, providing them with new investment opportunities while increasing the pool of capital available to local businesses, said Tulchin, who helped create the fund and is now its managing partner.

“The fund allows us to respond more quickly to entrepreneurs looking for capital,” Tulchin told the Journal. “…It makes funds readily available for transactions that can make a difference to the development and growth of local businesses.”

The NM Angels, which was launched in 1999, pools the resources of individual investors to provide seed and start-up capital to startups. The group created the Vintage Fund as an additional investment vehicle to further the Angels’ mission as a nonprofit entity, Tulchin said.

It draws inspiration from similar funds created by angel investor groups in other states, particularly the Rockies Venture Club in Colorado, which the NM Angels began partnering with in 2020 to advance mutual networking. , educational programs and regional investment opportunities.

The Vintage Fund is now managed by four general partners, all members of NM Angel, including Tulchin. They’ve raised $2 million for the fund in the past 60 days and have already invested in four different New Mexico startups, including:

• Build with Robots, which builds mobile machines for stand-alone facility disinfection services

• BennuBio Inc., which created an ultra-fast flow cytometer, or cell counter, for drug discovery and medical diagnostics

• Green Theme Technologies, which produces a “clean” waterproof coating for textiles without toxic chemicals

• Respect Wellness, which markets CBD and herbal extracts for women 45 and older

Up to 10 other companies could receive investments from the Vintage Fund, which could be just the first in a series of new angel-related funds in the future.

“Our plan is to attract a new ‘vintage’ of people and dollars every year, hence the name,” Tulchin said. “This is the first in a series of successive ventures and investment vehicles intended to support New Mexico businesses and entrepreneurs.”

More local capital is essential for New Mexico, said Purvi Moody of funding recipient Green Theme Technologies.

“(It) allows our businesses … to better execute their growth plans without having to travel very far,” Moody said in a statement. “This is particularly important as the economic outlook becomes more stormy.”

In addition to the new fund, the NM Angels have significantly expanded their organizing and investing activities since the fall of 2020, when Tulchin became president. In the first two decades of operation, the group’s membership traditionally hovered around 70 investors, with a cumulative $20 million in local investments made as of 2020.

But since then, the number of members has almost doubled. And last year alone, the group injected $4.2 million into 11 startups.

“We now have 130 dues-paying members and over 35 institutional sponsors committed to supporting a healthy startup ecosystem,” Tulchin said. “Sponsorships allow us to do many more events, educational programs and business mentoring.”

Meanwhile, GOS Capital – another new investment platform separate from the Angels – is also actively injecting seed and start-up capital into local startups.

Scott Goodman, vice president of Goodman Realty Group. (Adolphe Pierre-Louis/Journal)

Scott Goodman of The Goodman Realty Group has raised $250,000 from 16 individual investors since last fall. To date, he has invested $150,000 in eight companies, including a $25,000 commitment to Build with Robots in late June.

Goodman, who is the managing partner of GOS Capital, plans to invest in two or three other companies over the next few months before raising a new fund.

“We invest small amounts, but we provide capital to many companies,” Goodman told the Journal. “We are very active in the startup community.”

Share.

About Author

Comments are closed.