Startup Funding is Highly Accessible in Reno, Nevada
Entrepreneurs can gain the capital they need to launch or grow a business.
Access to funding can make all the difference when it comes to starting a business. It can give entrepreneurs the boost they need to both get their business off the ground and grow, whether that be expanding their operations, hiring employees or opening another location. Thankfully, startup funding is highly accessible in Reno and Northern Nevada, meaning local entrepreneurs have a leg up when launching and growing their businesses.
Ahead, discover ways entrepreneurs are gaining capital for their businesses.
In This Article
StartUpNV
When Jeff Saling, a seasoned exit-founder turned seed investor, moved to Reno from Southern California with his wife, Maggie, several years ago, he saw great potential to bring capital and resources to the region’s early-stage founders and budding entrepreneurs.
It wasn’t that long ago that Northern Nevada’s startup funding landscape might have been considered bleak. The region’s entrepreneurial ecosystem was far from the likes of Silicon Valley or Austin, Texas, and founders were having to raise capital alone. With decades of experience in some of the most noted startup markets in the U.S., Saling jumped at the chance to assist others.
After launching, running and investing in successful startups, Saling co-founded StartUpNV, Nevada’s only statewide business incubator, in July 2017. The organization helps startups develop and scale their businesses, invests in entrepreneurs and connects founders to capital.
“The StartUpNV ecosystem of founders, mentors, university connections, investors and business partners work together to support our member startups. We make startup growth and success accessible throughout Nevada by opening doors to mentorship, marketing, business development, customer acquisition, talent recruitment and capital.”
Jeff Saling, StartUpNV Co-Founder
FundNV and AngelNV
In 2021, FundNV was started to assist businesses entering the StartUpNV accelerator. Run by an investment committee that meets six times a year, this pre-seed fund provides $50,000 to those who qualify to help them scale their business.
“FundNV acts as lead investor and is open to syndication with interested individual angels, other syndicates and funds,” Saling says.
Additionally, to help close the gap between angel investors and entrepreneurs in the state, StartUpNV added a program called AngelNV in 2020. The program, which is open to the public, offers two 12-week educational and event series – one for founders and one for angel investors. Though a few entrepreneur and investor events overlap during this time, both series conclude with a joint, one-day conference. At least one company receives capital during the conference. The program is designed to have 40 people invest $5,000 each, totaling $200,000, for a company. In 2022 and 2023, Nevada’s State Small Business Credit Initiative matched AngelNV’s investment, bringing the total to $400,000.
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Sierra Angels
At the outset of 2023, the Salings became co-presidents of Sierra Angels, an angel investment group founded in North Lake Tahoe in 1997.
Made up of highly experienced executives and entrepreneurs, the group provides funding, mentoring and strategic introductions for early-stage technology companies located primarily in Nevada and California. Sierra Angles prioritizes collaboration and syndication between premier angel groups, other vetted investor organizations and entrepreneurial and innovation groups.
When applying, entrepreneurs must provide an overview of their company, financial data, their business plan and other key documents.
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generat8tor Reno-Tahoe
Also aiding the region’s entrepreneurial ecosystem is generat8tor Reno-Tahoe, which hosts a 12-week, in-person concierge experience for high-growth startups. The program was launched in 2022 and is one of several gener8tor accelerators operating in the U.S.
gener8tor is a venture capital firm headquartered in Madison, WI, that raises funds from investors and then deploys resources, like educational programming, investment dollars and networking, to improve the communities it serves. The firm was formed from the awareness that smart entrepreneurs coming out of college were not receiving necessary capital and mentoring.
Reno Seed Fund
Area entrepreneurs are also benefiting from the Reno Seed Fund (RSF), which was founded in 2019. Considered the state’s most active angel fund, RSF works to drive innovation, create jobs and build wealth in Northern Nevada. It uses a highly selective screening process, makes significant investments, and provides ongoing counsel and guidance to its companies.
Within its portfolio of companies are businesses like Mill It, which sells dairy-free products powered by ancient grains, and LandTrust, which connects landowners with outdoor recreators seeking land access.
The fund considers applicants across a variety of industries — if a business has the potential to quickly scale, RSF will speak with its founder.
This article was sponsored by EDAWN.