Governor Eric J. Holcomb, Indiana Secretary of Commerce David Rosenberg, and CEO of Elevate Ventures Christopher Day announced a new $100M fund focused on cross-sector innovation-driven growth stage companies with a $500M total addressable market (TAM) or greater.
The fund will be anchored by a $25M commitment from the returns achieved by Elevate Ventures investments and Elevate plans to raise an additional $75M through the private market to continue fueling Indiana’s venture capital. The new growth fund will be called the Elevate Ventures Growth Fund.
Indiana surpassed the $1 billion mark for venture activity in 2021 and 2022, with Elevate Ventures ranking number 1 in the Great Lakes Region, number 8 in the United States, and number 17 globally as the most active venture capital investor per Pitchbook 2024 Q1 League Tables.
Investing state dollars from the 21st Century Research & Technology Fund and federal dollars from the State Small Business Credit Initiative, Elevate Ventures committed $21.7 million in capital to Indiana startups in 2023.
Elevate Ventures is planning to commence fund formation in late Q2 and targeting to make its first investments in 2025. In August of this year, innovators, entrepreneurs, and investors from across the world will gather in Indiana for the 2nd annual Rally, a global cross-sector innovation festival and $5M pitch competition, one of the world’s largest.
