New venture fund launched by former UNLV president

A new venture fund is stepping onto the scene in Las Vegas, with the goal to close the funding gap for Nevada startups.

Launched on May 1, Desert Forge Ventures is led by former president of UNLV and Claremont Graduate University, Len Jessup. In the first round of funding, Desert Forge Ventures Fund I, will provide $100,000 to $1 million investments towards pre-seed to series A startups in Nevada, to keep growing companies in the state.

“With Las Vegas’ rapid startup growth, there’s a critical need for local venture capital to support and scale these businesses,” said Jessup, also a general partner of DFV. “Desert Forge Ventures is filling that gap, ensuring that high-potential startups have the resources they need to succeed while strengthening Nevada’s long-term economy.”

While funding will be awarded across industries, there is a specific focus on biotechnology, medical devices and health care; space tech; energy, clean tech, and sustainability; hospitality, sports, gaming, and entertainment tech; sustainable agriculture and food tech; and advanced manufacturing and logistics.

DFV was born from a collaboration between Jessup and UNLV, with support from the U.S. Economic Development Administration’s Build to Scale Capital Challenge. While DFV will operate independently from UNLV, they will serve as collaborators.

“Desert Forge Ventures represents a bold step forward in UNLV’s commitment to advancing economic development and supporting innovation, especially those created by UNLV’s outstanding researchers, faculty, and students,” said Zach Miles, senior associate vice president for economic development at UNLV. “By investing in startups that complement and add to our established industries, we’re creating new pathways for growth and positioning Las Vegas as a regional hub for broad entrepreneurial success.”

Additionally, DFV has entered into a co-investment agreement with Battle Born Venture, Nevada’s state-sponsored venture capital program overseen by the Governor’s Office of Economic Development and funded by the federal State Small Business Credit Initiative.

DFV is accepting investors towards DFV Fund I, with a minimum investment of $200,000.

Contact Emerson Drewes at [email protected]. Follow @EmersonDrewes on X.