Nevada's State Venture Capital Program
The Battle Born team is currently preparing for the implementation of the American Rescue Plan Act of 2021. We continue to invest through this transition period, but are prioritizing the following categories:
• Spinouts from our Nevada universities
• Supporting our Battle Born portfolio companies
• Targeted investment in new companies which are referred by co-investors or network partners, such as Nevada SBDC
Who We Are
Battle Born is an evergreen venture capital program, overseen by the Nevada Governor’s Office of Economic Development (GOED) under the auspices of the US Treasury’s State Small Business Credit Initiative (SSBCI).
Battle Born’s mandate is to invest in the highest return prospects, those that have the potential to provide at least a 15% IRR to the program.
What We Look For
We prioritize companies whose high-growth products and services have an enduring sustainable advantage over competitors, that have traction with customers, and that have teams with a proven track record in their industry.
Part of Battle Born’s mandate is to encourage a flourishing venture capital community in Nevada.
How to Apply
We accept applications through the Gust platform, and follow an investment process that’s typical for institutional investors.
APPLY VIA GUST
We accept applications through the Gust platform; you can choose whether to make your profile public or keep it private. Please note that we do not discuss potential applications with startups ahead of time; it’s not fair to those who have devoted their time to putting together an application.
FINAL INVESTMENT COMMITTEE MEETING
After reviewing the due diligence pack and asking follow up questions, the investment committee makes the recommendation as to whether to invest in a startup. The ultimate investment decision is made by GOED.
INITIAL INVESTMENT COMMITTEE MEETING
The initial investment committee meeting is to screen for applications that don’t meet our mandate, for example, if a startup is pre-revenue. As we receive a large number of applications, the investment committee usually prioritizes the startups on which it would like to see due diligence based on the criteria outlined in our mandate.
We will work with your Counsel and the Attorney General’s Office (which represents the Battle Born program) to put legal documentation in place. As part of this process, we’ll run background checks on key team members.
Our due diligence process is in line with that of most institutional investors, and covers all details of a startup, from the team’s credentials to discussions with clients, customers and other investors. Typically, this is a 6-8 week process, so we encourage you to apply well ahead of your funding need.
Finally, a cash call will be ordered by GOED and will be executed by the program’s custodian.