Governor Susana Martinez announces $1.6 Million Catalyst Fund commitment to NMA Ventures

Category: Non-Local News Releases Non-Local News Releases
Published: 16 May 2018 16 May 2018

Albuquerque, NM – Today, Governor Susana Martinez announced that NMA Ventures will receive up to $1.6 million from the Catalyst Fund to invest in New Mexico startups. This commitment will leverage $2.6 million in funds from NMA Ventures, to be invested in New Mexico startups, bringing the total potential investment from this commitment through the Catalyst Fund up to $4.2 million.

"Investing in homegrown New Mexico companies and entrepreneurs strengthens and diversifies our economy," said Governor Martinez. "The Catalyst Fund helps our local companies get off the ground and succeed, creating new jobs and opportunities for New Mexicans."

The Catalyst Fund invests in emerging venture capital funds throughout the state. These venture capital funds invest in seed and early-stage technology companies. The Catalyst Fund is expected to support over 50 companies in New Mexico. Sun Mountain Capital is the manager of the Catalyst Fund.

"This fund builds on New Mexico's strong tradition of success in the high-tech and entrepreneurial sectors," said Economic Development Secretary Matt Geisel. "We are proud to partner with NMA Ventures to continue supporting New Mexico's culture of innovation."

"We are honored by the support from the State of New Mexico and Governor Martinez to help offer capital to promising startups," said Dorian Rader, Managing Partner of NMA Ventures. "The Catalyst Fund sends a clear message that this state believes in the success of homegrown businesses and is willing to invest in entrepreneurs from seed to market."

NMA Ventures funds early-stage, high-technology companies based in New Mexico. NMA Ventures was created in 2017 by three New Mexico angel investors: John Chavez, Dorian Rader, and Sherman McCorkle.

The Catalyst Fund is comprised of $10 million in public funds allocated by the State Investment Council, $5 million from the State Small Business Credit Initiative, and $5 million in commitments from private institutional investors. Portfolio funds which receive investment from the Catalyst Fund must provide at least matching private investment, bringing the total investment to at least $40 million.

The Catalyst Fund capitalizes on New Mexico's history of successful research and development. New Mexico is well leveraged to develop and commercialize innovative technologies from its research universities and three federal laboratories.

The Catalyst Fund has also made commitments to ABQid, Arrowhead Innovation Fund, Cottonwood Technology Fund, and Tramway Venture Partners. In turn, funds have invested in two New Mexico startups: Bayotech, Inc. and Armonica Technologies.

Since 2011, Governor Martinez has bolstered economic development tools, cut taxes and fees 57 times, and rolled back unnecessary regulations and red tape to create a business-friendly environment in New Mexico. Governor Martinez also established the Catalyst Fund, Innovation Vouchers, the SBIR Matching Grant, and the Credit Enhancement Program to help homegrown New Mexico technology startups grow and thrive. As a result of these tools, reforms, and investments, New Mexico continues to recruit global and national companies like Facebook, Keter Plastic, Safelite, and others, while helping homegrown businesses like Bayotech, UbiQD, Descartes Labs, Armonica, and others grow and thrive as well.

Funds interested in applying for a commitment from the Catalyst Fund should contact Sun Mountain Capital by email: CatalystNM@Sunmountaincapital.com. A list of venture capital funds that have received Catalyst Fund investment is available on the New Mexico Economic Development Department website: www.gonm.biz.

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