TLDR:
- State of Indiana and local venture capital company announce $100 million growth-stage fund
- Elevate Ventures to anchor fund with $25 million commitment from returns and raise additional $75 million through private market
Startups in Indiana have reason to celebrate as the state and a local venture capital company revealed plans to launch a $100 million venture capital fund aimed at growth-stage firms. This announcement came during the Indiana Global Economic Summit, opened by Governor Eric Holcomb. Elevate Ventures CEO Christopher Day expressed his excitement about this long-awaited fund, highlighting the state’s potential to become the “innovation capital of the world”. The fund will primarily focus on fast series A start-ups and beyond, with investments to support product development, marketing, and sales. Additionally, a partnership between Purdue University, Elanco, and the government was announced to create a OneHealth Innovation District in Indianapolis. This district aims to accelerate collaborative innovation in life sciences and increase capabilities to prevent, predict, detect, and respond to health threats. Elanco committed to sharing technology development capacity and launching a new Animal Health Venture Fund. The partnership with Purdue will help integrate various programs throughout the state’s capital city. Governor Holcomb is expected to announce new investments from homegrown pharmaceutical giant Eli Lilly and Co. Indiana’s Global Economic Summit has drawn over 1,000 attendees, including delegations from more than 30 countries. Governor Holcomb emphasized Indiana’s economic growth and public health achievements, while denouncing isolationism and protectionism in favor of foreign investments and collaboration.
