StartUpNV, a nonprofit statewide incubator and accelerator for Nevada-based startup companies, has closed a $600,000 round of investment in Minden, Nev.-based custom furniture manufacturer Semi Exact. StartUpNV coalesced numerous investment groups and individuals for this round, making it unprecedented for its broad scope of investors coming together for a single round of funding within Nevada.
The investment round included an initial $75,000 for being selected as the runner-up earlier this year in StartUpNV’s AngelNV program, which provides expert mentorship to startups and access to a network of capital partners. An additional $50,000 was invested through FundNV, an early-stage venture fund for StartUpNV companies. Finally, the round was filled out by a syndicate of mostly Nevada based investors, including a 1:1 match by Battle Born Growth Ventures, Nevada’s State Venture Capital Program under the auspices of the federal State Small Business Credit Initiative (SSBCI) and overseen by The Governor’s Office of Economic Development.
“StartUpNV’s mission is to support Nevada-based startups and grow our state’s network of investors,” said Jeff Saling, executive director of StartUpNV. “Leading this investment round for Semi Exact benefits both the business and our state. While syndicated venture capital rounds like this are not new, the fact they are starting to happen more in Nevada is indicative of our growing ecosystem to support startups and diversify our economy.”
Saling added that the company will join StartUpNV’s accelerator that provides economic and business mentoring support through a 39-week program designed to increase sales and help support the company raise their next round of venture capital in 2023.
“As a scalable and highly successful Nevada-based startup with a world-class manufacturing facility creating jobs and economic opportunities in Minden, Semi Exact clearly has earned this broad-based investment that will no doubt help it to grow and prosper,” said Karsten Heise, Senior Director of Strategic Programs & Innovation at the Governor’s Office of Economic Development (GOED). “This marks the second time Nevada’s State Venture Capital Program has invested in Semi Exact, following an initial investment last year, showing strong confidence in the company’s progress.”
“We are glad to welcome these prominent Nevada-based investors to our team as we continue to scale our business of making it easy for anyone to make their own furniture,” said Matt Jensen, Semi Exact Co-CEO. “We plan to use this investment to further enhance our capabilities in Minden where we bring new products from concept to prototype to market in less than 45 days, when it takes major furniture manufactures 6 to 9 months or longer.”
Semi Exact is creating a new category in the furniture market called “Ready to Make.” The company’s furniture components provide consumers with the base for DIY furniture projects ranging from floating shelves to coffee tables to sofas, outdoor furniture, beds and more. Semi Exact’s products include durable recycled steel bed kits, table legs and furniture bases, hairpin and floating steel shelf brackets, and other furniture essentials that can be used to create thousands of thousands of different projects. With a high-tech, lean, reconfigurable manufacturing facility in Minden, Nev., Semi Exact is leading the way for DIY furniture product design, prototyping, and scaling new products.
StartUpNV’s AngelNV program invests $50,000 to $200,000 in companies with $0 to $500,000 in annual sales, and its FundNV is a $1 million pre-seed fund for companies with $500,000 to $1 million in annual sales. Battle Born Growth Ventures, Nevada’s State Venture Capital Program under the auspices of the federal State Small Business Credit Initiative (SSBCI) and overseen by The Governor’s Office of Economic Development, makes equity investments in early stage, high-growth Nevadan enterprises.
StartUpNV is a 501(c)3 non-profit statewide startup accelerator and business incubator for scalable Nevada startups, providing expert mentorship and access to a network of capital partners. StartUpNV’s founders, mentors, university connections, investors, and business partners work together to grow and support a robust, inclusive startup ecosystem in Nevada. StartUpNV’s related venture funds, FundNV, AngelNV, and a new seed fund provide local startups access to a network of capital partners for funding along with education for entrepreneurs and angel investors. Since its inception in 2017, StartUpNV has heard pitches from nearly 700 startups, incubated 52 companies, and raised $70-plus million in venture capital for more than two dozen companies. For more information visit: https://startupnv.org/.
About the Governor’s Office of Economic Development
Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development is the result of a collaborative effort between the Nevada Legislature and the Governor’s Office to restructure economic development in the state. GOED’s role is to promote a robust, diversified and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development.