TLDR:
- Governor Holcomb and Elevate Ventures announced a $100 million entrepreneurship fund for growing Indiana companies.
- The fund will help companies with a total addressable market of at least $500 million that are beyond the initial startup stages.
In an article published by the Indianapolis Recorder, Governor Eric Holcomb and Elevate Ventures CEO Christopher Day announced the creation of a $100 million entrepreneurship fund to support growing companies in Indiana. Day stated that Elevate Ventures will contribute $25 million from its own investment returns and raise the remaining $75 million from the private sector. The fund aims to assist companies with a total addressable market of at least $500 million that are in later stages of development, usually generating revenue of $7-8 million or more. These funds will be used to scale up product development, sales, and marketing efforts.
Previously, Indiana entrepreneurs had to look outside the state for funding at this stage of growth, highlighting the need for this new fund. Elevate Ventures plans to make the first funds available in the following year. This partnership between the state and Elevate Ventures is a significant investment in the growth and development of Indiana businesses, providing them with the resources needed to expand and succeed in the market.
For more information, you can visit the original article here.
