Elevate Ventures — Equity Investment Programs
Funds Indiana high-growth technology startups through state-backed equity across pre-seed, seed, and growth rounds.
Elevate Ventures is Indiana's primary state-backed seed and early-stage venture capital firm, billing itself as the number-one such firm in the Great Lakes Region and among the top twenty in the world. It is a mission-driven, for-profit investment firm funded in part through state of Indiana mechanisms — including a $99 million allocation from Indiana's State Small Business Credit Initiative (SSBCI) programme — and operates independently of IEDC's grant programmes. Elevate invests in high-potential, innovative, cross-sector companies with a total addressable market of $500 million or more, covering stages from pre-seed through Series A and growth.
Supported sectors are Software, HardTech, Life Sciences, and Consumer Products. Excluded sectors are Real Estate, Insurance, Oil and Gas Exploration, SME Businesses, and Professional Services. The funds Elevate manages or has managed include Indiana Angel Network Fund II and III, the Pre-Seed Fund, the Next Level Indiana Fund, and the 21 Fund. Through the SSBCI allocation, Elevate Ventures also channels equity investment to underrepresented founders, with at least 37% of SSBCI-related funding committed to traditionally underserved businesses. Post-investment value-add includes partner network discounts, investment syndication support, talent recruitment, financial hygiene coaching, and go-to-market advisory.
Elevate Ventures is categorically an equity (VC investment) vehicle, not a grant programme. Investees receive cash in exchange for equity stakes at terms negotiated per deal. Indiana-based founders at pre-seed through Series A seeking equity capital in qualifying sectors should apply directly at elevateventures.com/apply. Companies that also require non-dilutive capital may separately explore IEDC's grant programmes — such as the Manufacturing Readiness Grants or the EASE programme — which are distinct from Elevate Ventures and administered by a different division of Indiana's innovation ecosystem.
State-backed Indiana venture capital firm providing equity investment at pre-seed through Series A to high-growth technology startups with a TAM of $500 million or more.
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