Venture Capital Program


The NMFA Venture Capital Program Fund was created by the New Mexico Legislature in 2022 to advance economic development objectives of the state by making investments for start-up, expansion, product or market developments, recapitalization, or early-stage development.

 The New Mexico Legislature appropriated $35 million in 2022 and $15 million in 2023 to the NMFA Venture Capital program. NMFA is also administering venture capital funding from the federal State Small Business Credit Initiative in partnership with the New Mexico Economic Development Department.

Businesses and Entrepreneurs seeking funding

All venture private equity funds that NMFA has invested in are listed below. New funds will be added so please check back regularly.

The venture private equity funds that NMFA has invested in will search for New Mexico businesses that fit their funding guidelines. New Mexico entrepreneurs and businesses that are seeking funds are encouraged to read the information for each fund below to see if your business is a good fit for that fund. If so, please contact the fund directly.


Dangerous Ventures

Dangerous Ventures backs companies building a more sustainable and resilient future for people and the planet.  They believe the world’s most existential challenges represent an opportunity to build the next generation of enduring businesses.

Contact: Ward Hendon, General Partner;;

Mission Driven Finance

Advance New Mexico  is a newly created fund with the objective increasing the flow of financing to socially and economically disadvantaged individual-owned businesses in New Mexico, with a focus on good businesses that are creating a positive workforce and community impact in New Mexico. Advance New Mexico will be providing gap-filling growth capital products (e.g. venture debt, revenue-based financing, event-driven term loans) to small businesses across the state.

Contact: Stephen Nunes;  (858) 880-0252;;

Raven Capital Partners

Raven Capital Partners invests in early and growth stage Native-owned companies that are helping to build a renewed and sustainable Native economy across the US.

Contact: Althea Wishloff, Partner; (604) 207-5532;;

Application Form:


Tramway Ventures

Tramway Ventures is focused on investing in and building early-stage medtech, biotech, and healthtech companies that leverage frontier technologies. Drawing on deep roots in New Mexico’s vibrant scientific and startup community, Tramway Ventures aims to cultivate a strong ecosystem of connected entrepreneurs and thriving companies, accelerating technology advancements that transform the healthcare landscape.

Contact: Katie Rice, Managing Partner;;

Venture Private Equity Funds seeking investment

NMFA is actively evaluating potential investments in venture private equity funds. If you are a venture private equity fund seeking potential investment, please complete this interest form and a member of the NMFA staff will be in touch.

What is venture capital?

Venture capital is a form of financing, typically for start-ups and early-stage businesses, that entrepreneurs use to support the development and growth of their companies. Venture private equity firms raise venture capital funds that they will use to invest in businesses that fit their strategies and parameters.

The NMFA Venture Capital Program is investing in venture private equity funds. The program does not provide loans or investments directly to businesses.

Please check this webpage for updated information on the Venture Capital Program.

Questions? Send us an email


Venture Capital Program Update - September 2023
Next Street - NM Small Business Capital Landscape Report
Venture Capital Investment Program Rules
Venture Capital Investment Policy
House Bill 104
Senate Bill 402