The Downtown Project, started by CEO Tony Hsieh of Zappos, already invests in startups through the $50 million VegasTechFund. McCabe is heading up an arm of that fund called Nimbus, which will provide seed funding to hardware companies in the fields of robotics, connected devices, smart home, Internet of things, drones, and hardware as a service.
“If mom would use it and a five-year-old would use it, then I want to invest in it,” said McCabe.
The factory, which will reportedly be built in the Arts District of downtown Vegas, will support small-scale production for VegasTechFund portfolio companies.
Making first Nimbus (hardware portfolio for Vegas Tech Fund) investments. Announcement(s) next month. Thrilled w/ our teams + their plans.
— Jen S. McCabe (@jensmccabe) August 6, 2013
We assume that this is the evolution of a project that McCabe announced in June called Fabbed Labs, a 3D printing lab, factory, and maker community. We’ve reached out to McCabe for comment, and we’ll update this story as we get more details.