--- title: 1864 Fund Memo description: Q1 2026 page for 1864 --- # 1864 Fund ### Top 1% Seed Stage Fund Performance Capital-efficient B2B investing in emerging US ecosystems with proven track record of superior returns and fast liquidity --- ### 3.89x ### Portfolio Returns ### 16% ### Already Distributed ### 4 Years ### Average Time to Returns --- [![Schedule a Call](https://no-cache.hubspot.com/cta/default/2361390/880be4e0-a17a-4907-8298-abd720a2da8c.png)](https://cta-redirect.hubspot.com/cta/redirect/2361390/880be4e0-a17a-4907-8298-abd720a2da8c) ### Our Track Record: $26.2M -> $101.7M While 90% of 2021-vintage funds show zero distributions, we've already returned $4.3M to LPs with significantly more in the pipeline. ![1864 stats 20260103](https://lp.startupnv.org/hs-fs/hubfs/1864%20stats%2020260103.png?width=1209&height=678&name=1864%20stats%2020260103.png "1864 stats 20260103") ### Portfolio Momentum ![TW Graphic Brand Colors Q32025](https://lp.startupnv.org/hubfs/TW%20Graphic%20Brand%20Colors%20Q32025.png "TW Graphic Brand Colors Q32025") ### 1864 Portfolio (6 Companies) ## Voltaire *(Voltaire.claims)* Turning 30-minute insurance claims letters into 30-second AI-powered outputs with 200%+ first-year ROI ## Lucihub *(lucihub.com)* Transforming smartphone footage into professionally edited videos in hours, not weeks—powered by expert editors + AI  ## Tilt *(tilt.ai)* AI-driven freight platform disrupting the $6T logistics market with real-time visibility, predictive routing, and sustainability at scale. ## ZenCentiv *(zencentiv.com)* Automating sales commission calculations to eliminate errors, reduce disputes, and free finance teams from manual spreadsheet hell ## Armentus *(armentus.com)* Patented 8-second teat prep system cutting dairy farm costs by thousands monthly while reducing mastitis and boosting milk quality. ## Tensorwave *(tensorwave.com)* AMD-powered AI cloud with 8,000+ liquid-cooled GPUs—delivering breakthrough performance-per-dollar at $100M+ run rate. *(10% of fund)* ### Investment Strategy **What We Look For** - Capital-efficient B2B and enterprise high-tech solutions companies - $500K-$2.5M rounds at mid-seven-figure valuations - Monthly recurring revenue growing 10%+ with low churn - Full-time, experienced founders with domain expertise - Target: 50x returns over 10 years (or 25% IRR for faster exits) - All investments QSBS qualified for tax advantages **How we invest** - Lead rounds: $500K checks with board seat or observer rights - Follow trusted partners: $250K checks in syndicated rounds - Target returns: 50x over 10 years (25% IRR or better) - Follow-on capital: Via SPVs for portfolio winners, allowing LP selectivity - Active support: recruiting, customer intros, accelerator, Las Vegas co-work offices & demo facility for industry conferences --- ## Former Operators, Not Tourists Our Managing Partners are experienced founders and executives who've built, scaled, and exited companies. We're operators who've been on both sides of the table—which is why we can identify exceptional founders and help them succeed.   ![Screenshot 2025-12-01 at 3.27.27 PM](https://lp.startupnv.org/hubfs/Screenshot%202025-12-01%20at%203.27.27%20PM.png) [**Jeff Saling**](https://www.linkedin.com/in/jeffsaling/) **Managing Partner**   Multiple exits as founder | Board Chair DAIC (NASDAQ) | Teaches entrepreneurship at UNR ![Screenshot 2025-12-01 at 3.21.10 PM](https://lp.startupnv.org/hubfs/Screenshot%202025-12-01%20at%203.21.10%20PM.png) [**Stephen Hurst, JD**](https://www.linkedin.com/in/stephen-hurst-6881271/) **General Partner**   Founded MindMed (NASDAQ, $1B+ val) | 35+ years biopharma| Former EVP/GC Nektar ![Screenshot 2025-12-01 at 3.22.02 PM](https://lp.startupnv.org/hubfs/Screenshot%202025-12-01%20at%203.22.02%20PM.png) [**Piotr Tomasik**](https://www.linkedin.com/in/ptomasik/) **General Partner**   Co-Founder & COO of TensorWave | Former software engineering leader | Vegas tech ecosystem builder ![Screenshot 2025-12-01 at 3.22.45 PM](https://lp.startupnv.org/hubfs/Screenshot%202025-12-01%20at%203.22.45%20PM.png) **Leith Martin** **General Partner**   Former President TII (100% annual growth, 8 yrs) | Harvard OPM | Exec Director UNLV Troesh Center Supporting team: 2 Partners, 1 Principal, 1 Analyst providing depth in deal sourcing, due diligence, and portfolio support ### 7 ### Successful Exits ### 28 ### Portfolio Companies ### 245:1 ### Selection Discipline --- ## Fund Status & Opportunity Join us in capitalizing on the best seed investing environment in over a decade ### TARGET SIZE ### $10M ### First institutional seed fund ### DEPLOYED ### $2.9M ### 6 Portfolio Companies ### TIMELINE ### Q1 2026 ### Target Final Commitments Our early deployment demonstrates active deal flow and gives new LPs the ability to evaluate actual portfolio performance—including TensorWave's exceptional growth trajectory—rather than projections alone. --- ## Investment Terms ### MINIMUM INVESTMENT ### $50K ### MAXIMUM INVESTMENT ### $2M ### MANAGMENT FEE ### 2% ### PERFORMANCE CARRY ### 20% **Structure:** Nevada Series LLC managed by Granite Partners LLC **Qualification:** Accredited Investors and Qualified Purchasers **Tax Advantage:** All investments QSBS qualified for potential capital gains exclusion **LP Alignment**: *Management Fee billed annually. 100% capital invested, avoiding the 20% withhold (2%/yr x 10 yrs) seen in most VC fun*ds.  ## Ready to Join Top 1% Performance? Schedule a call to discuss joining our next closing and accessing our proven seed-stage strategy [![Schedule a Call](https://no-cache.hubspot.com/cta/default/2361390/880be4e0-a17a-4907-8298-abd720a2da8c.png)](https://cta-redirect.hubspot.com/cta/redirect/2361390/880be4e0-a17a-4907-8298-abd720a2da8c) For more information, contact: **jeff@1864.fund** The 1864 Fund | Managed by Granite Partners LLC Copyright 2026 --- Copyright © 2026 StartUpNV. All Rights Reserved.