Indiana Partners with Elevate Ventures to Launch First $100M Growth Stage Fund

23 May 2024


Governor Eric J. Holcomb, Indiana Secretary of Commerce David Rosenberg and CEO of Elevate Ventures Christopher Day today announced a new $100M fund focused on cross sector innovation driven growth stage companies with a $500M total addressable market (TAM) or greater. The fund will be anchored by a $25M commitment from the returns achieved by Elevate Ventures investments and Elevate plans to raise an additional $75M through the private market to continue fueling Indiana’s venture capital. The new growth fund will be called the Elevate Ventures Growth fund.

Indiana surpassed the $1 billion mark for venture activity in 2021 and 2022, with Elevate Ventures ranking no. 1 in the Great Lakes Region, no. 8 in the United States and no. 17 globally as the most active venture capital investor per Pitchbook 2024 Q1 League Tables. Investing state dollars from the 21st Century Research & Technology Fund and federal dollars from the State Small Business Credit Initiative, Elevate Ventures committed $21.7 million in capital to Indiana startups in 2023.

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