(The Center Square) – An Indianapolis venture capital firm unveiled a new $100 million fund Thursday designed to help Hoosier entrepreneurs get the money they need to support their growing businesses.
Christopher Day, CEO of Elevate Ventures, announced the creation of the fund at the state’s Global Economic Summit in Indianapolis. The second such event, hosted by Gov. Eric Holcomb and the Indiana Economic Development Corp., kicked off Thursday.
Elevate will start the fund with $25 million the firm has received from its previous investments and will seek private investments for the remainder. According to a release from Holcomb’s office, the goal is for the fund – the first growth-stage fund in the state – to start investing in Indiana businesses next year.
“Having a growth equity fund headquartered here in Indiana, to participate with investors from across the globe, will help our innovation-driven companies scale more efficiently and move from being acquirees to acquir3rs, helping to drive a more robust entrepreneurial ecosystem with high-paying jobs,” Day said. “Indiana has the critical ingredients including infrastructure, talent, mission-critical industries, technology, cost of living, lifestyle and regulatory environment to power the productivity boom.”
Elevate, considered one of the most active venture capital firms globally, has been a significant contributor to helping new Indiana businesses. Last year, it invested $21.7 million in state and federal funds to fuel Hoosier startups.
Holcomb said the new fund will help emerging businesses take the next step in their development.
“Today’s launch of Indiana’s first Growth Stage fund adds to an already powerful toolkit putting the world’s capital to work, including the $250M Next Level Fund we created in 2017,” he said.
The summit, which runs through Sunday, is expected to attract about 800 people, including more than 40 diplomatic delegations. It will end with Holcomb and state Commerce Secretary David Rosenberg hosting a wrap-up event at the Indianapolis 500.
Besides focusing on businesses tied to sports, the summit will also explore possibilities in health, national security and artificial intelligence.
“The work we do this week at the second Indiana Global Economic Summit tees up years of productivity ahead,” the governor said. “Together, with our home and away partners, we’re building the future economy and creating a better, more prosperous life for Hoosiers and all that we do business with.”