Key Takeaways
- • The 1864 Fund, a Nevada-based seed-stage venture capital fund affiliated with StartUpNV, has completed full deployment of its $10 million fund across eight portfolio companies, with the first investment of $500,000 made to Lucihub (Las Vegas-based video production platform) last year.
- • Portfolio companies include Variabl, Tilt AI, Dimension Studios, Voltaire, Armentus, TensorWave, and BuildQ, with six of the eight based in Nevada and one planning to relocate to the state before its next funding round.
- • The fund targets highly scalable startups in the western United States that meet strict criteria: minimum $500,000 in annual sales growing at 3X+ annually, coachable founders with sub-7-year exit timelines, and ability to reach mid-eight-figure valuations within five years.
- • The fund explicitly excludes companies with heavy capital requirements, extended lead times, crypto-focused business models, or consumer packaged goods (CPG) focus, positioning itself outside traditional venture markets concentrated in California, Washington, and New York.
- • Portfolio companies have access to supplementary funding mechanisms through affiliated venture vehicles FundNV and AngelNV, which also provide entrepreneur educational workshops, creating an integrated regional venture ecosystem.
Summary
The 1864 Fund has completed deployment of its entire $10 million fund across eight seed-stage portfolio companies, marking a significant milestone in Nevada's broader startup ecosystem development efforts led by StartUpNV. The fund was established to invest in highly scalable startups demonstrating strong early revenue traction across the western United States region, outside traditional venture capital hubs.
The fund's first investment of $500,000 was deployed to Lucihub, a Las Vegas-based next-generation video production platform, last year. Subsequent investments this year extended to seven additional companies: Variabl, Tilt AI, Dimension Studios, Voltaire, Armentus, TensorWave, and BuildQ. Geographic concentration remains significant, with six portfolio companies currently based in Nevada and one additional company planning to relocate to the state before its subsequent funding round.
Investment qualification criteria are stringent and clearly defined. Prospective companies must demonstrate minimum annual sales of $500,000 with growth exceeding 3X annually, founders willing to accept coaching and committed to exits within seven years, and the potential to achieve mid-eight-figure valuations within five years. The fund prioritizes companies with rapid sales growth, low customer churn, and essential solutions addressing large addressable markets. The fund systematically avoids capital-intensive businesses, those with extended development timelines, crypto-centric models, and consumer packaged goods companies.
Geographic targeting is deliberately regional rather than concentrated in traditional venture enclaves. While companies need not be Nevada-based, investments focus on United States-based startups typically located west of the Mississippi River and outside established venture capitals such as California, Washington, and New York. This thesis reflects StartUpNV's broader economic development mandate to build venture infrastructure outside legacy venture centers.
Portfolio companies benefit from an integrated support ecosystem through affiliated funds FundNV and AngelNV, which provide co-investment capacity and entrepreneur education programs, enhancing support beyond pure capital deployment.
The fund's first investment of $500,000 was deployed to Lucihub, a Las Vegas-based next-generation video production platform, last year. Subsequent investments this year extended to seven additional companies: Variabl, Tilt AI, Dimension Studios, Voltaire, Armentus, TensorWave, and BuildQ. Geographic concentration remains significant, with six portfolio companies currently based in Nevada and one additional company planning to relocate to the state before its subsequent funding round.
Investment qualification criteria are stringent and clearly defined. Prospective companies must demonstrate minimum annual sales of $500,000 with growth exceeding 3X annually, founders willing to accept coaching and committed to exits within seven years, and the potential to achieve mid-eight-figure valuations within five years. The fund prioritizes companies with rapid sales growth, low customer churn, and essential solutions addressing large addressable markets. The fund systematically avoids capital-intensive businesses, those with extended development timelines, crypto-centric models, and consumer packaged goods companies.
Geographic targeting is deliberately regional rather than concentrated in traditional venture enclaves. While companies need not be Nevada-based, investments focus on United States-based startups typically located west of the Mississippi River and outside established venture capitals such as California, Washington, and New York. This thesis reflects StartUpNV's broader economic development mandate to build venture infrastructure outside legacy venture centers.
Portfolio companies benefit from an integrated support ecosystem through affiliated funds FundNV and AngelNV, which provide co-investment capacity and entrepreneur education programs, enhancing support beyond pure capital deployment.
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