New Mexico-based NMA Ventures has rebranded as it plans to expand its scope to companies in Arizona and other regional states.
The venture capital firm, founded in 2018 to invests in early-stage technology startups, will now be known as OneTen° Capital. The firm will offer investment capital to startups in states such as Arizona, Utah and Colorado, the firm said.
"We know that technology-based companies provide the greatest return for both investors and founders," cofounder and general partner Sherman McCorkle said in a prepared statement. "OneTen° Capital will provide limited partner investors a broad and rich array of technology-based investments with dynamic leadership that pave the way to fruitful exits for all."
The rebrand was designed by Denver, Colorado-based Vienna Creative, which also has offices in Albuquerque. Dorian Rader, managing partner and cofounder of OneTen° Capital, said the new name encompasses the new direction of the firm.
"The OneTen° name derived from our location; the 110th meridian west line of longitude runs down the Rocky Mountains," Rader said. "It speaks to our new regional approach."
The firm is currently raising money for its second investment round, which is expected to take place sometime in late 2022, Rader said. It is still continuing to support its portfolio companies from the first round, she said.
OneTen° Capital has previously invested in local tech startups such as mPower, Mindset Integrated and WaveFront Dynamics with its $4.2 million fund, which is sourced from the New Mexico Catalyst Fund and private investors.
