NMV's Continuous Investment Cycle

FAQs

Why Apply

1. What support do selected organizations receive?

   $50K to $100K in funding. We typically make investments in for-profits (most often via convertible notes or SAFEs) and give unrestricted grants to nonprofits. Please note that for the remainder of 2023 and going into 2024, we will be focusing on for-profit investments. Additionally, NMV supports the portfolio through:

   – A network of founders where leaders ask questions, identify problems, and surface solutions in community.

   – Webinars and one-on-one coaching to help new leaders navigate organizational and operational challenges, like setting goals and managing cash on hand.

   – Catalyzing additional funding by connecting them to donors and investors at our events and at other times of the year when possible.

   – We’re currently refining our program in response to feedback from current portfolio members and look forward to rolling out the next iteration of our support program in the months ahead.

2. Does NMV take equity / what terms do you use? Are you open to revenue-sharing?

   NMV usually invests in for-profits via SAFEs and convertible notes. We expect to consider revenue sharing agreements in the future; however, we are not yet set up to invest through this mechanism.

Eligibility

1. Who should apply?

   We’re looking for scalable solutions from diverse, mission-driven teams that are working to advance progressive change. We’ll consider supporting:

   – Early stage ventures working to build and scale solutions in this context

   – New collaborations of larger organizations that are positioned to develop new tech tools or other cutting edge approaches that could be transformative for the progressive movement

   NMV funding is best suited for early-stage projects or startups (pre-seed/seed stage) for which a one-time investment of $50K to $100K can make a meaningful difference. Our mission is to support entrepreneurs and activists who are strengthening our democracy, building progressive political power, and/or empowering historically marginalized communities

   Ultimately, we hope to find the best technology and innovations and love to be surprised by things we haven’t seen or considered before. You should look at our portfolio to get a sense of the breadth of organizations we support.

   Please see eligibility criteria listed below for more guidance on eligible startups and organizations:

   – Early stage for-profit organizations (seed stage, raised less than $2M with an investable legal structure).
   – With innovative solutions, or tech tools with potential to scale.
   – Building the progressive power of communities historically overlooked.
   – In the following focus areas: media tech (SAAS tools, emerging media, AI) and progressive tech (political tech, data infrastructure, campaign CRM management, organizing solutions, unique AI integrations).
   – At a stage where $75K - $100K in funding would be catalytic (as a proxy, we use funds raised of <$2.5M).
   – Based in and/or seeking to make a national impact in the U.S.

2. What is NMV looking for?

   Scalable with a proof of concept: We prefer ventures with an existing user base (even if they are only beta users), demonstrated proof of concept, and a clear plan for generating revenue and/or growth. In some cases, we will fund ventures with little or no user base if there is compelling research proving the efficacy of the idea, or a clear opportunity to build power.

   Sustainable model and impact: We have a preference for work that is sustainable and clearly builds progressive power. We’d like to invest in ventures that expect to generate revenue, although they may not now, or who have a plan for sustainable growth. Note: We do not invest in one-off media projects like documentaries, although we might invest in a company building a sustainable business model for making documentaries!

   Strong, diverse team: We look for leadership teams that have both the technical and business talent to create something great and who understand their market intimately. We are especially interested in democratizing access to capital and encourage people who have been historically overlooked in the startup community to apply. In our experience, founders with direct experience of the challenges they are working to solve are best positioned to do so.

   Progressive & mission-driven: NMV is mission-driven and works to invest in entrepreneurs and activists building progressive power in the United States. We care about environmental protection, economic equality, racial justice, a thriving democracy, and more. The startups we support are mission-driven and seeking to make the world a better place.

3. If I’ve applied to NMV in the past and been rejected, can I apply again, and how?

   Yes. Although rare, there have been a few instances where we have passed on an investment at a point in time and then invested at a later time. Just fill out the Startup Intake Form to let us know you would like to be considered again. We suggest emphasizing what has changed about your company since the last time you submitted.

4. If we’re a part of the portfolio already, can we re-apply for more funding?

   Right now, we are not considering follow-on funding for our portfolio, although we are committed to helping you on your fundraising journey. Please reach out to us if we can support you as you raise!

5. Do you fund / make grants to startups outside of the United States?

   We only support projects that are making an impact in the U.S. We will consider supporting projects led outside of the U.S., but that have a clear plan to enter the U.S. market.

6. What do you consider proof of concept?

   We expect ideas to have encountered reality - not simply a plan on paper. This could be a prototype or a test that provides some (even if it’s relatively little) evidence or data that your venture is feasible. We often share the example of how Upworthy got started -- using a test they did through MoveOn to demonstrate that audiences would share powerful videos. In rare cases, we will fund ventures with little or no proof of concept if there is compelling research proving the efficacy of the idea, or a demonstrated need and opportunity to build power.

Process

1. What does your investment process look like?

   Due to founder feedback and an increased innovation pipeline, in 2021, NMV overhauled our investment process in line with our core principles of equity, responsiveness, and sustainability. We shifted to a continuous investment cycle where we are reviewing and investing consistently throughout the year.

   After a temporary pause on our regular funding cycle to focus on our Voices for Democracy Open Call this year, submissions are now open and investments will be made on a rolling basis.

2. What happens after I submit the Startup Intake Form?

   Startup Intake Form submissions will be reviewed on a rolling basis by NMVs’ investment team, with priority given to those submitted by the recommended submission date (at the top of this page). NMV will invite teams who are a fit to our eligibility criteria to a call with an NMV investment member. The NMV investment team will then conduct deeper diligence on a subset of interviewees and make final funding decisions. We will move money on a rolling basis.

   We hope this new standardized system will help reduce bias by ensuring that all founders go through the same evaluation and selection process – regardless of when they apply and whether they have connections to NMV’s network.
   

3. When should I apply?

   Our Startup Intake Form is open to continuously throughout the year, although there are periods when we are slower at responding. Our team works hard to communicate any and all relevant process changes to all founders in our pipeline.

4. How quickly will you process my submission?

   We aim for everyone to hear some kind of update from us within 60 days of submitting your initial Startup Intake Form. If you have not heard from us by then (not counting the last two weeks of December), please feel free to check in with us here: invest@newmediaventures.org
   
   We aim to reach final funding decisions by an average of 3 months after submission, including the diligence phase. This requires your help, however! As we are going through diligence, we ask that you do your best to be responsive to our requests for information.

5. What should I expect during due diligence?

   NMV conducts diligence, a thorough process to determine whether we will invest in a venture, for the opportunities that most align with our thesis.
   
   During diligence, you can expect:

   • Multiple conversations, including a 45–60 minute meeting to get to know the founders, view a demo (if applicable), and answer additional questions that have come up post application submission

   • An assessment of market, financial documents, and competitive research

   • Customer and investor calls, financial modeling and analysis, a theory of change/power building assessment, product tests (if applicable), data room access (if applicable), etc.

   • Conversations with experts in your field, etc.

   Your responsiveness is critical to moving the process forward.
   
   Although intensive, this process is meant to serve as a filter to move forward only the best opportunities for NMV, which go beyond financial goals and include vision and values alignment.
   
   We know fundraising can be hard. If during this process we decide to pass, our team will communicate the decision promptly.
   
   

6. What is Airtable?

   Airtable is a cloud collaboration platform used by hundreds of businesses, startups, and funders to host and share information.

7. Will I be required to create an Airtable account to submit my startup information?

   The application does not require you to create an airtable account, though you can do so if you would like.

8. How long will it take for me to fill out the Startup Intake Form?

   We’ve designed the Startup Intake Form to be as streamlined as possible, and we expect that it should take no more than 15-20 minutes to fill out the form.
   
   Please note that Airtable does not have an autosave function.
   

   
   

9. Can I edit my application once I have submitted it?

   You will not be able to edit an application once it is submitted to Airtable. If you accidentally submit an incomplete/inaccurate application, you can submit a new application. If you do so, please notify us at invest@newmediaventures.org.

10. How will the data I submit be used? Will it be shared?

    How will the data I submit be used? Will it be shared?
    We will not share PII (Personally Identifiable Information) like email or phone numbers publicly, but we may share aggregated data on themes from the Startup Intake form across our network of funders, founders, and activists or to the public. We will keep details about your organization (e.g., financials, pitch decks, etc.) confidential.

11. I’m finished! What’s next?

    Once you press submit at the bottom of the Airtable submission form, you will be shown text that thanks you for your time and confirms your submission. You should also receive a confirmation email from invest@newmediaventures.org. If you do not receive this email, please reach out to us.
    
    Thanks for sharing your work with us! We’ll be in touch soon.
    

    
    

12. What should I do if I filled out the form and haven’t heard back from you?

    What should I do if I filled out the form and haven’t heard back from you?
    We aim for everyone to hear an update from us within 60 days of submitting your initial Startup Intake Form, and we are working hard to make that happen. If it’s been 60 days (not including the last two weeks of December) and you have not heard from us by then, please feel free to check in with us at invest@newmediaventures.org.

13. What reporting requirements do you have for groups you fund?

    • For-profits: annual financials and impact report

    •  Nonprofits: right now we don’t have formal requirements, but we will likely start requesting periodic updates to ensure we can maximize the impact of our portfolio support program

    • In addition, we expect all startups we fund to work with us to prepare a pitch for, and attend, the next planned Pitch Day / Summit, which will be communicated to you upon investment.