TLDR:
- Elevate Ventures and Gov. Holcomb announce a new $100M fund focused on cross-sector innovation-driven growth stage companies
- The fund will be anchored by a $25M commitment from Elevate Ventures and plans to raise an additional $75M through the private market
Elevate Ventures, in collaboration with Governor Holcomb and the Indiana Economic Development Corporation, has announced the creation of a new $100M fund aimed at supporting growth-stage companies in Indiana. The fund, named the Elevate Ventures Growth Fund, is designed to target companies with a total addressable market of $500M or greater. It will be anchored by a $25M commitment from returns achieved by Elevate Ventures investments, with plans to raise an additional $75M through the private market.
Indiana has seen significant growth in venture activity in recent years, surpassing the $1 billion mark in 2021 and 2022. Elevate Ventures has been a key player in this growth, ranking as the most active venture capital investor in the Great Lakes Region and among the top in the United States and globally. The new growth fund aims to further fuel this momentum and support innovative businesses in Indiana.
Elevate Ventures plans to commence fund formation in late Q2 and expects to make its first investments in 2025. The fund will play a crucial role in helping Indiana-based companies scale efficiently, creating high-paying jobs and driving a more robust entrepreneurial ecosystem in the state. In addition, Indiana will host the 2nd annual Rally, a global cross-sector innovation festival and $5M pitch competition, in August of this year, further showcasing the state’s commitment to innovation and entrepreneurship.
Overall, the partnership between Elevate Ventures, Gov. Holcomb, and the Indiana Economic Development Corporation highlights Indiana’s position as a hub for innovation and entrepreneurship, with a strong focus on supporting high-growth companies and driving economic growth in the region.
