ALBUQUERQUE, N.M. (AP) - New Mexico’s state government is putting more cash on the line to promote economic development.
The State Investment Council on Tuesday approved providing an additional $40 million for venture capital investments in local companies.
The Albuquerque Journal (https://bit.ly/1o3Zhwk ) reports that the money will be invested in startups in health care, energy and other fields in the next three years.
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The allocation increases the state Co-Investment Fund to $150 million from $10 million.
The money comes from the state’s severance tax permanent fund.
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