Pallares, a member of NMSU’s IP advisory committee, has become fund manager of the $1.9m Arrowhead Innovation Fund, which backs New Mexico-based startups.
Arrowhead Innovation Fund (AIF), the early-stage regional VC fund backed by New Mexico State University (NMSU) and based at its Arrowhead Center entrepreneurship hub, named Ebetuel Pallares (pictured) as fund manager on Wednesday.
Pallares sits on NMSU’s intellectual property advisory committee and is the investor-in-residence at Arrowhead Center, where he counsels clients on investment practices and opportunities.
He also works in the NMSU College of Business as the Bill and Sharon Sheriff chair for entrepreneurship, a role promoting the entrepreneurial culture among students to encourage talent development for the regional ecosystem.
Away from NMSU, Pallares is the co-founder and managing director of co-working space operator Cowork Oasis and the managing director at early-stage investment manager Joseph Advisory Services.
He is also a board member at entrepreneurs’ association Latino Business Action Network as well as at businesses including enterprise outsourcing services provider Yaydoo, credit marketplace Camino Financial and augmented reality technology developer Triva.
AIF had secured $1.9m of its $2m fundraising goal by October 2018, including $500,000 from university endowment NMSU Foundation in addition to $800,000 from New Mexico government-owned fund-of-funds Catalyst Fund and a $300,000 grant from US government-run program Regional Innovation Strategies.
The vehicle, which typically invests between $50,000 and $150,000 in seed-stage companies, made its inaugural investment of $100,000 the same month in local magnetic induction heating developer Evus, which has allocated the capital to activities including prototyping and certification.
Kathy Hansen, director of Arrowhead Center, said: “One of the most common gaps our regional startups face is access to capital.
“AIF was created to fill this gap and support the work our state’s startups are pursuing in the agriculture, biotech, health and devices, IT, engineering, energy and water space, all of which are critical research arenas in New Mexico.”
– Image courtesy of New Mexico State University
