The Scale Up New Mexico program, based at New Mexico State University's Arrowhead Center and partially funded by the United States Economic Development Administration, recently marked the successful completion of its fourth 2024 cohort of the Venture Funding Sprint acceleration program.
The accelerator program provides tech startup founders in New Mexico with essential knowledge and skills for understanding financial terminology and instruments, negotiating with potential investors, and developing tools and materials needed to attract investment. It achieved significant success by helping promising startups deepen their understanding of fundraising timelines, data room preparation, and valuation methodologies. This comprehensive support empowered them to refine their financing strategies and navigate the complexities of raising venture capital more effectively.
Venture Funding Sprint is part of Scale Up NM, a comprehensive suite of initiatives aimed at supporting the growth of early-stage startups. Following an extensive selection process, 10 New Mexico startups joined the fourth 2024 cohort, embarking on an intensive journey that included mentorship, educational programs, and networking opportunities.
"We are thrilled by the incredible progress these startups have made throughout the Venture Funding Sprint," said Carlos Murguia, Scale Up NM program manager. "Watching their growth, from mastering complex financial concepts to confidently preparing their data rooms and refining their fundraising strategies, has been inspiring."
The cohort featured startups from a variety of industries, including autonomous systems, fintech, digital immigration solutions, healthtech, life science instrumentation and cleantech, among others. All participating startups are in the early stages of development and are preparing to launch their fundraising efforts soon.
"This diverse group, spanning industries from healthtech to cleantech, showcases the innovative talent emerging from New Mexico," said Dana Catron, interim deputy director of Arrowhead Center. "We're excited to see them take their next steps in fundraising and contribute to the broader entrepreneurial landscape with confidence and resilience."
The Venture Funding Sprint fostered an energetic environment where participants engaged with experienced entrepreneurs, mentors, and advisors, forming valuable connections. This dynamic atmosphere accelerated their progress toward successful fundraising efforts within their organizations.
"I would wholeheartedly recommend this Venture Funding Sprint to other tech startups. The amount of time and investment made by the team at the Arrowhead Center is invaluable and pays dividends for a startup's journey" said Michael E. Hendricks, CEO at Allcanza, which provides digital immigration solutions. "The founder's time investment is so worth the return and will help to propel the startup to new heights. Unlike most accelerators, the Arrowhead Center has worked hard to provide all aspects of the Accelerator in a remote format; and they do a great job keeping everyone updated and included as if it was an in-person program"
For more information about Scale Up NM, contact Murguia at
The full article can be seen at https://newsroom.nmsu.edu/news/scale-up-nm-program-at-nmsu-celebrates-its-fourth-venture-funding-sprint-cohort/s/e65f43ef-85c7-4695-ae4f-6de93f2540b6
