By Collin Krabble – Technology reporter, Albuquerque Business First
Nov 9, 2020, 4:25pm EST
Albuquerque venture capital firm Tramway Venture Partners is raising a multimillion fund to invest in tech companies based in the southwestern region, with an emphasis on those in New Mexico. The firm has raised almost $7 million so far, and plans to raise as much as $25 million, according to a Form D filed with the U.S. Securities and Exchange Commission earlier this month. It plans to make five to seven investments.
The firm focuses on startups in the biotech and health tech fields. Tramway is led by four partners. Its team is comprised of Stu Rose, Waneta Tuttle, John Rockwell III and Brad Vale, the sole Tramway partner that does not live in New Mexico, the firm’s website says. The firm focuses on investing in early-stage companies that have not commercialized yet, Tuttle said. The capital raised will be used for Tramway Venture’s second round of investments.
Its first portfolio, which has three companies, includes DNA sequencing startup Armonica Technologies and eye-focused medical device company WaveFront Dynamics, according to Tramway’s website. WaveFront, founded last year, moved into its Albuquerque headquarters earlier this year, Business First reported. Tramway has invested a total of about $3.5 million in its current portfolio companies, Tuttle said. Its newest raise comes on the heels of several other developments within the world of raising startup capital in New Mexico.
Last month, New Mexico entrepreneur Drew Tulchin joined the New Mexico Angels, a group of angel investors that funds companies in the region. Shortly before that, Santa Fe venture capital firm Cottonwood Technology Fund announced the raise of a $50 to $75 million fund also slated for tech companies. Tramway typically makes first investments of around $500,000, with the potential for another $1.5 million to be invested later on. Some of its new investments may be made into current portfolio companies, Tuttle said.