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January 19, 2024
1 min read

Official Launch of Statewide Pre-Seed Fund Paves Way for Startups

TLDR:

– Indianapolis-based Elevate Ventures and the Indiana Economic Development Corp. have launched the new Pre-Seed Fund, a $3 million fund designed to provide direct investments to pre-seed companies throughout the state.
– The goal of the fund is to help startups attract additional investment, and investments made through the fund will range from $20,000 to $100,000.
– The fund replaces Elevate Ventures’ Nexus Pitch Competition and allows companies to pitch for investment at any time, rather than just during the competition phase.

Key Elements:

– The Pre-Seed Fund has officially launched in Indiana, with the goal of providing direct investments to pre-seed companies in the state and helping them attract additional investment.
– The fund, which has a total of $3 million, is a collaboration between Indianapolis-based Elevate Ventures and the Indiana Economic Development Corp.
– Investments made through the fund will range from $20,000 to $100,000, and the fund is open to applications from eligible companies.
– Elevate Ventures Partner and Head of Platform Jacob Schpok stated that the goal is to provide investments to as many eligible companies as possible, with a focus on $20,000 investment opportunities that can help with customer discovery activities, prototypes, and other critical actions.
– The Pre-Seed Fund replaces the Elevate Nexus Pitch Competition, allowing companies to pitch for investment at any time instead of only during the competition phase.
– Elevate Ventures is also ending its Community Ideation Fund and shifting its focus to the new Pre-Seed Fund.
– The announcement of the Pre-Seed Fund is part of the Indiana Economic Development Corp.’s efforts to enhance innovation and entrepreneurship in the state.

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