Reno-area startups raised $1.4B in capital, 15-fold increase

RENO, Nev. (AP) — Northern Nevada business startups big and small had their best overall year in 2021 as the sector raised $1.4 billion in external funding. The Reno Gazette Journal reports that’s a 15-fold increase over the previous year. The big jump was led by a pair of large battery technology projects started by Redwood Materials and Nanotech Energy. The capital raised is a far cry from 2013 when a small collection of startups launched in downtown Reno. The vice president of the Economic Development Authority of Western Nevada says the 29 startup companies that combined to raise last year’s capital far exceeded their wildest expectations.