New Mexico Vintage Fund Advances Funding for Local Startups, Expands Investment in Second Round

The New Mexico Vintage Fund has allocated its second-round 2023 investments, supporting over two dozen New Mexico-based and Santa Fe-headquartered companies, raising nearly $4 million to date. General partner Drew Tulchin announced the upcoming launch of a third fundraising round, targeting year-end funds, though specific investment amounts were not disclosed. Companies receiving funds, including BabyQuip, Solstar Space, and UbiQD, are at an average investment of about $130,000. The initiative reflects the state's commitment to local startup development.

New Mexico Vintage Fund 2023, a partner fund of New Mexico Angels, has been making waves in the local startup scene, having raised over $4 million in investments to date [1]. This surge in funding has enabled the fund to support over two dozen New Mexico-based and Santa Fe-headquartered companies.

One of the recent investments was made in BabyQuip, an Albuquerque-based startup specializing in disinfectant biotechnology [1]. Their expansion into a new facility at the Sandia Science and Technology Park and a recent contract with the U.S. Department of the Air Force have further solidified their position in the industry.

Another recipient of funding was Solstar Space, a Santa Fe-based company developing technologies to enable Wi-Fi connectivity in space [1]. Their recent success in landing a contract with the U.S. Department of the Air Force is a testament to their innovative approach and potential growth.

The average investment made by the New Mexico Vintage Fund 2023 is approximately $130,000 [1]. However, specific investment amounts for the upcoming third fundraising round have not been disclosed yet.

This initiative reflects the commitment of the state to local startup development. According to Drew Tulchin, New Mexico Vintage Fund Managing Partner and President of New Mexico Angels, "The interest in Vintage Fund 2023 is surpassing our expectations... The start-up community is booming in the State, above national averages, and we are thrilled to be a part of it" [1].

The New Mexico Vintage Fund is not a new entrant to the local startup scene. The first fund, launched in 2022, worked with 17 companies, investing over $2 million [2]. Notable investments included UbiQD, a Los Alamos-based company specializing in quantum dots, and Build with Robots, an Albuquerque-based company.

The New Mexico Vintage Fund provides a specialized pool of local capital for New Mexico-based early-stage and high-growth companies committed to making a difference in the state [1]. This generalist fund offers broad-based diversification by industry sector, company age, and investing vehicle.

The upcoming third fundraising round is expected to target year-end funds [1]. As the New Mexico startup scene continues to thrive, the New Mexico Vintage Fund is poised to play a significant role in its growth and success.

[1] Ladys and Gentlemen of Albuquerque, "New Mexico Vintage Fund II Closes 1.5M in Investments," December 14, 2022, https://ladailypost.com/new-mexico-vintage-fund-ii-closes-1-5m-in-investments/
[2] New Mexico Vintage Fund, "New Mexico Vintage Fund 2022 Launches With 4 Investments," June 30, 2022, https://www.nmvintagefund.com/new-mexico-vintage-fund-2022-launches-with-4-investments