The 1864 Fund, a Nevada-based seed-stage venture capital fund affiliated with StartUpNV, announced that it has raised and invested its $10 million fund across eight companies.
The fund was created to invest primarily in highly scalable startups in the western United States that have at least $500,000 in sales and are ready for seed-stage capital. The fund’s deployment reflects StartUpNV’s broader economic development efforts to support the continued growth of Nevada’s startup ecosystem.
The 1864 Fund made its first investment last year, committing $500,000 to Lucihub, a Las Vegas-based next-generation video production platform. This year, the fund invested in Variabl, Tilt AI, Dimension Studios, Voltaire, Armentus, TensorWave, and BuildQ.
Many of the companies backed by the 1864 Fund have also received funding through affiliated venture programs such as FundNV and AngelNV. AngelNV also provides educational workshops for entrepreneurs.
The 1864 Fund generally targets companies with coachable founders focused on an exit in less than seven years, at least $500,000 in annual sales, annual growth of more than 3x, the ability to reach a mid-eight-figure valuation in less than five years, a large potential market, rapid sales growth, and very low customer churn.
Companies with large upfront capital requirements, long lead times, crypto-centric business models, or a consumer packaged goods focus generally fall outside the fund’s investment thesis.
Startups seeking investment from the 1864 Fund do not need to be based in Nevada. However, they must be based in the U.S. and are typically located west of the Mississippi River, outside traditional venture capital hubs such as California, Washington, or New York.
Of the eight companies that received investment from the fund, six are based in Nevada and one plans to relocate to the state before its next investment round. The fund’s regional strategy is designed to increase capital access for high-growth companies in Nevada and across the broader American West.
The 1864 Fund is the first seed fund based in Nevada specifically for accredited investors committing $50,000 or more. Initial investments are generally between $250,000 and $500,000 in rounds ranging from $500,000 to $2.5 million, with follow-on investments in the strongest companies potentially reaching the mid-seven figures.
The fund is managed by Granite Partners, a group of four former and current founders with seven successful exits among them. The managing partners include 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.
Since 2021, Granite Partners has invested more than $35 million through over 40 investments in nearly three dozen startups. Its managed funds and syndicate investments were worth about $100 million as of the second quarter of 2026 and include more than 500 unique high-net-worth investors.
Granite Partners also has formal partnerships with StartUpNV and Nevada’s Battle Born Venture program, which is part of the federal State Small Business Credit Initiative. Through that program, Battle Born Venture matches Granite Partners’ investments in Nevada startups on a 1:1 basis.
Since 2021, seven venture funds and multiple angel groups have followed Granite Partners’ lead, adding more than $400 million to portfolio companies. The 1864 Fund said it aims to help expand Nevada’s investment community while supporting economic development, diversification, and resiliency across the region.
KEY QUOTE:
“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. 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.”
Jeff Saling, Executive Director of StartUpNV
