About

We catalyze startups that will lead emerging industries in New Mexico, connecting them to capital that helps them grow and the talent they need to succeed.

Thesis

Our fund invests in a diversified portfolio with initial check size between $100k and $250k. And, while we’re industry agnostic, we’re particularly excited about companies working in the following industries where attributes and assets in New Mexico can be leveraged:  

  • Biotech/Agriculture. With resources like the Bioscience Center, NM Bio Association, and the Bioscience Authority in New Mexico, as well as unique intellectual property from Air Force Research, Los Alamos, and Sandia National Laboratories, and our two research universities, New Mexico is fertile ground for startups in this space.

  • Media/Entertainment. A robust statewide film tax credit has led to New Mexico becoming a film production powerhouse. We believe startups in and around this space, including new media and gaming, can grow and scale quickly while being more operationally efficient.

  • Space/Aerospace. With a commercial spaceport and several key defense programs through national labs and military bases, New Mexico is an excellent place to start and grow a space/aerospace company. Programs like Hyperspace Challenge also provide a soft landing for entrepreneurs considering New Mexico.

  • Software/SaaS. Albuquerque continues to emerge as a tech talent hub bolstered by award-winning coding bootcamps as well as several fast-growing startups. With a favorable cost of living, cost of talent, and lifestyle mix, New Mexico is a great place for agile software startups to launch and grow.

  • Industry 4.0. Robotics, artificial intelligence, and the internet of things are a trending disruptive force. New Mexico’s amazing technical talent and entrepreneurial grit, made possible by our universities, national laboratories, and culture, will produce exciting solutions to problems across multiple industries.

Process

  1. We meet companies via warm introductions, community events, or through our website. 

  2. Our Fund Manager screens potential investments via a screening rubric that is filled out through a combination of pitch deck review, conversations with founders, and/or initial market research and due diligence. Companies that score 35 or above on the rubric are recommended for consideration by the Investment Committee.

  3. The Investment Committee determines which screened companies to present at one of the 8 to 12 formal meetings of the year.  

  4. Companies invited to present to the committee submit pitch deck and briefing materials in advance, then receive 30 minutes in front of the committee.

  5. Our committee debriefs quickly, determining whether to advance to full due diligence or decline.

  6. Companies who advance complete full due diligence using Due Diligence Checklist Template, engaging with the Fund Manager and any relevant committee members.

  7. Upon completion of due diligence, the investment committee then makes a final vote to invest. Companies must receive a yes vote from a majority of committee members to advance, culminating in an investment memo. 

  8. The investment memo and due diligence is presented to and ratified by the CNMI Finance Committee.

  9. Upon ratification, investment contracts are signed and funding closed.

Criteria

In order to be considered by our Investment Committee, companies should have a strong founding team and an innovative, defensible solution with an exciting market domain.

Additionally, companies must pass through a screening process (see Process below), as well as adhere to the following:

  • New Mexico principal place of business. The company’s principal place of business must be New Mexico. This does not mean the company must be incorporated here, but rather, as defined in state statute: “’New Mexico business’” means, in the case of a corporation or limited liability company, a business with its principal office and a majority of its full-time employees located in New Mexico or, in the case of a limited partnership, a business with its principal place of business and eighty percent of its assets located in New Mexico.”
  • Annual Certifications and Reporting. The company must agree to annual certifications around its use of funds, sex offender status of principals, and its principal place of business in New Mexico, as well as quarterly reporting of financials and economic development metrics specific to New Mexico.