Battle Born Venture
Battle Born Venture is Nevada's state venture capital program, founded in 2013 under the federal SSBCI mandate, that co-invests alongside institutional leads in Nevada-based startups with recurring revenue and university spinouts, deploying up to $1m per company.
- Company typePrivate
- Founded2013
- HeadquartersLas Vegas, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Battle Born Venture does
Battle Born Venture (BBV) is Nevada's state venture capital program, established in 2013 under the federal State Small Business Credit Initiative (SSBCI) to address a structural gap in growth capital for Nevada-based startups. BBV is housed under the Nevada Battle Born Growth Escalator, Inc. (NBBGEI), a government entity within the Nevada Governor's Office of Economic Development (GOED), while day-to-day investment operations are managed by Newbean Capital (NLRK LLC) from Reno, Nevada. The program's stated mission is to allow Nevada entrepreneurs to remain headquartered in the state during fundraising rather than relocating to access institutional capital.
BBV operates a blind, application-only investment process that targets Nevada-based C-corporations and S-corporations generating recurring revenue, with explicit carve-outs for university spinouts from the University of Nevada Reno, University of Nevada Las Vegas, and the Desert Research Institute, as well as for deep technology companies holding active SBIR/STTR grants. The mandate is sector-agnostic with narrow exclusions (gambling, alcohol, cannabis, firearms, real estate, investment firms, and lenders). BBV invests exclusively as a co-investor and never leads rounds; it requires an institutional lead investor — a venture capital fund, corporate venture capital arm, or incorporated angel fund — and participates using equity and equity-like instruments including common equity, convertible notes, SAFEs, and preferred equity. Deployment economics cap participation at up to $500k in the first round and up to $1m per company over time, in total round sizes ranging from $200k to $20m.
The revenue model is structurally different from a private venture fund: capital for deployment is provided by SSBCI appropriations rather than raised from LPs, and the program charges no management fees, carry, or applicant fees. Financial returns, when realized, are generated through portfolio exits (five exits recorded as of 2026) rather than recurring revenue streams. Deal flow originates primarily through the program's website application, referrals from the Nevada SBDC and GOED, and state-funded SSBCI accelerators, with roughly 80% of applicants rejected for mandate mismatch. The portfolio spans consumer (Battle Born Beer, Cuts Clothing, Beloit Kombucha, Dog & Whistle), climate and deep tech (WAVR Technologies, Ecoatoms), AI-adjacent infrastructure (TensorWave, Tilt A.I., AI Foundation), and other sectors across 60+ Nevada-based companies.
Battle Born Venture firmographics
Firmographics- Name
- Battle Born Venture
- Legal name
- NLRK LLC DBA Newbean Capital
- Website
- https://battlebornventure.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Battle Born Venture is Nevada's state venture capital program, founded in 2013 under the federal SSBCI mandate, that co-invests alongside institutional leads in Nevada-based startups with recurring revenue and university spinouts, deploying up to $1m per company.
- Ownership category
- akta.pro rank
Battle Born Venture industry classification
Industry- Product category
- State Venture Capital Program
- NAICS
- Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
Keywords
Where Battle Born Venture is headquartered
LocationHeadquarters
- HQ city
- Las Vegas
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Battle Born Venture business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others
Revenue model
- Equity Investment Returns: Battle Born Venture generates financial returns through equity and equity-like investments (common equity, convertible notes, SAFEs, preferred equity) in Nevada startups. The program's sustainability depends on exits and capital returns from its portfolio companies. The program has celebrated five exits to date.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Battle Born Venture product offering
Product offeringCore offering
Battle Born Venture is Nevada's state venture capital program, created in 2013 and funded through the federal State Small Business Credit Initiative (SSBCI). It deploys equity and equity-like capital (common equity, preferred equity, convertible notes, SAFEs) into Nevada-based startups as a non-lead co-investor alongside institutional venture capital firms, corporate venture arms, and incorporated angel groups. Investments are capped at $1m per company over time and up to $500k per first round.
Product overview
Battle Born Venture is Nevada's state venture capital program, not a product company. It operates as an investment program funded through the State Small Business Credit Initiative (SSBCI) that provides equity investments to Nevada-based startups. The program does not offer a commercial product or service; instead, it evaluates and invests in qualifying startups through a co-investment model with institutional investors. The portfolio companies listed are investee companies, not products or services offered by Battle Born Venture.
Differentiator
Problem solved
Functional benefit
Products and services
- SSBCI Co-Investment Program Equity and equity-like co-investment program funded through the State Small Business Credit Initiative (SSBCI). Deploys common equity, preferred equity, convertible notes, and SAFEs into Nevada-based C-corps and S-corps with recurring revenue, participating up to half of a round and capping at $500k in the first round and $1m total per company. Targets deals sized $200k–$20m and co-invests only with institutional lead investors (VCs, CVCs, incorporated angel funds). Available to Nevada-headquartered startups and university spinouts meeting mandate criteria.
Quantifiable outcome
- 5 exits achieved
- +3 more outcomes
Companies that use Battle Born Venture
Customer profileSegments2 records
Ideal customer profiles2 records
Battle Born Venture technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Battle Born Venture partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Newbean CapitalcoreNewbean Capital (NLRK LLC DBA Newbean Capital) is the investment manager for Battle Born Venture. The program is operated by Nevada Battle Born Growth Escalator, Inc. (NBBGEI), with Newbean Capital handling day-to-day investment operations. Only NBBGEI and Newbean Capital participate in the investment decision process.
- Nevada GOED (Governor's Office of Economic Development)coreBattle Born Venture is a program of Nevada GOED, embedded within the state's economic development apparatus. GOED oversees the NBBGEI entity that houses the program, connecting BBV to Nevada's startup ecosystem including university spinouts from UNR, UNLV, and DRI, as well as state-funded accelerator programs.
- Nevada SBDC (Small Business Development Center)minorNevada SBDC is referenced as a resource for entrepreneurs who do not fit BBV's mandate, providing guidance on business plans, pitch decks, and alternative funding sources. SBDC helps direct entrepreneurs to appropriate programs within Nevada's SSBCI ecosystem until they are a fit for BBV.
- Nevada's Research Universities (UNR, UNLV, DRI)coreBBV's mandate includes an exception for startups that have spun out of Nevada's research universities (University of Nevada Reno, University of Nevada Las Vegas, Desert Research Institute) or are affiliated with projects supported by the Knowledge Fund. These spinouts are eligible for investment even without recurring revenue.
Scale indicators5 records
Recent moves6 records
Expansion highlights4 records
Battle Born Venture competitors and assessment
Company assessmentDirect peers
- Connecticut Innovations: Connecticut's quasi-state venture capital arm that makes equity and equity-like investments in early- to growth-stage state-based startups. Highly comparable as a state-sponsored VC program with similar mission to keep local capital local.
- VertueLab: Oregon-based state-supported venture fund and accelerator that invests in early-stage climate and clean-tech startups in Oregon. Directly comparable as a state ecosystem VC program with check sizes and co-investment mechanics similar to BBV.
- Elevate Ventures: Indiana's state-backed venture development organization that invests in and supports Indiana-based early-stage startups. Comparable as a regionally-focused state-affiliated VC program with mandates tied to economic development goals.
- Maryland Technology Development Corporation (TEDCO): Maryland's state-created technology development corporation that deploys equity and convertible investments into Maryland-based startups. Closely comparable as a state-supported VC program performing co-investment deals with similar ticket sizes.
- MassVentures: Massachusetts' state-affiliated venture capital firm that co-invests in early-stage companies. Directly comparable to BBV as a state-backed VC program with similar co-investor mandate and government capital deployment role.
- Ben Franklin Technology Partners: Pennsylvania's state-funded technology-based economic development program that invests seed and early-stage capital in PA companies. Comparable as a state-sponsored venture program investing in early-stage startups with similar diversified sector mandate.
Regional players
- Hawaii Technology Development Corporation: Hawaii's state economic development agency investing in Hawaii-based early-stage and technology startups. Comparable as a state VC program geographically restricted to its home state and operating under a public economic development mandate.
Others
- gener8tor: Wisconsin-based venture capital firm and accelerator network that often co-invests in deals alongside BBV (e.g., Dog & Whistle). Comparable as a regional accelerator/VC that participates in similar stage co-investment rounds into early-stage startups.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Battle Born Venture social profiles
Digital presenceBattle Born Venture financial estimates
Financial estimateRevenue estimate
Valuation estimate
Battle Born Venture leadership team
Management profileNumber of profiles
Battle Born Venture funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Battle Born Venture M&A and investment
M&A and investmentM&A
Investments62 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Battle Born Venture
What does Battle Born Venture do?
Battle Born Venture is Nevada's state venture capital program, created in 2013 and funded through the federal State Small Business Credit Initiative (SSBCI). It deploys equity and equity-like capital (common equity, preferred equity, convertible notes, SAFEs) into Nevada-based startups as a non-lead co-investor alongside institutional venture capital firms, corporate venture arms, and incorporated angel groups. Investments are capped at $1m per company over time and up to $500k per first round.
Is Battle Born Venture a public or private company?
Battle Born Venture is a private company. It is classified as state government owned and is currently operating.
When was Battle Born Venture founded?
Battle Born Venture was founded in 2013. It employs 1 to 10 people.
Where is Battle Born Venture based?
Battle Born Venture is headquartered in Las Vegas, United States, in the North America region.
How does Battle Born Venture make money?
One revenue line is on record: equity Investment Returns.
Who are Battle Born Venture's main competitors?
Direct peers on record are Connecticut Innovations, VertueLab, Elevate Ventures, Maryland Technology Development Corporation (TEDCO), MassVentures and Ben Franklin Technology Partners. Hawaii Technology Development Corporation is listed as a regional player. gener8tor is listed as an others.
Does Battle Born Venture have an API?
No public API is recorded for Battle Born Venture.
What industry is Battle Born Venture in?
Battle Born Venture's product category is State Venture Capital Program. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B). Its NAICS code is 5259 and its SIC code is 6282.