The economic development efforts of StartUpNV continue to support the growth of Nevada’s startup ecosystem, and its affiliated venture capital fund, the 1864 Fund has now raised and invested $10 million in eight companies.
Created to invest primarily in highly scalable startups with at least $500,000 in sales in the western region of the United States, the 1864 Fund made its first investment of $500,000 last year in Lucihub, a Las Vegas-based next-generation video production platform.
So far this year, the 1864 Fund has invested in Variabl, Tilt AI, Dimension Studios, Voltaire, Armentus, TensorWave, and BuildQ. Many of these companies have also received funding through other affiliated venture funds like FundNV and AngelNV, which also offers educational workshops for entrepreneurs.
To be considered for an investment from the 1864 Fund, startups must (at a minimum) have:
- Coachable founder(s) focused on an exit in less than 7 years
- At least $500,000 in annual sales, growing at more than 3X annually
- Ability to command a mid-eight-figure valuation in less than 5 years
- A highly valued, essential solution that has a large potential market
- Rapid sales growth with very low customer churn
Companies with large up-front capital requirements, long lead times, crypto-centric business models, or a consumer packaged goods (CPG) focus generally fall outside the fund’s investment thesis.
Companies seeking an investment from the 1864 Fund do not have to be from Nevada but must be based in the United States and are typically west of the Mississippi, outside the traditional venture enclaves such as California, Washington, or New York.
Of the eight companies receiving an investment from the 1864 Fund, six are based in Nevada and one plans to move to the state before its next investment round.
The first seed fund based in Nevada specifically for accredited investors who invest $50,000 or more, the 1864 Fund is managed by Granite Partners, a group of four former and current founders with seven successful exits among them, including Jeff Saling, executive director of StartUpNV; Steve Hurst, founder of Mind Medicine; Piotr Tomasik, co-founder of TensorWave; and Leith Martin, executive director of the Troesh Center for Entrepreneurship at the University of Nevada – Las Vegas. Spanning the Boomer, Gen X, and Millennial generations, the managing partners supervise the fund’s investment selection committee of individuals who invest $1 million or more.
“Through StartUpNV, AngelNV, and FundNV, we have successfully supported local startups that are just starting or in their pre-seed phase of development, however, there are many companies in Nevada and the American West that have proven themselves viable, are ready to scale, and need seed-stage investment,” said Saling. “The 1864 Fund seeks to be a venture capital leader for these companies that aren’t located in the typical enclaves like Silicon Valley or Seattle. By growing the investment community in Nevada and neighboring states, we seek to drive returns while making an impact in the communities we serve through economic development, diversification, and resiliency.”
Since 2021, Granite Partners (GP) has invested more than $35 million via 40-plus investments in nearly three dozen startups. GP’s managed funds and syndicate investments are worth about $100 million as of Q2 2026 and include more than 500 unique high-net-worth investors. GP has formal partnerships with StartUpNV and Nevada’s Battle Born Venture program (part of the federal State Small Business Credit Initiative, or SSBCI), which matches its investments in Nevada startups 1:1. Additionally, seven venture funds and multiple angel groups have followed GP’s lead since 2021, adding more than $400 million to portfolio companies.
About 1864 Fund
As a $10 million seed-stage fund, the 1864 Fund is affiliated with StartUpNV’s programs supporting early-stage companies and founders. The Fund is based in Nevada but invests regionally. It partners with local economic authorities to maximize the access founders have to capital. Initial investments are generally between $250,000 and $500,000 in rounds from $500,000 to $2.5 million, with follow-on investments in the strongest companies ranging into the mid seven figures. All investors must be accredited, and fund costs are at traditional market rates of “2 and 20”. For more information visit: https://1864.fund/.
