Indiana Gov. Eric Holcomb, Elevate Ventures Christopher Day and Indiana Secretary of Commerce David Rosenberg. (Photo by Gerry Dick/Inside INdiana Business)
Indiana and Elevate Ventures have partnered on a new $100 million fund aimed at growth-stage companies involved in cross-section innovation, Gov. Eric Holcomb announced Thursday morning at the Global Economic Summit in Indianapolis.
Holcomb was joined by Indiana Secretary of Commerce David Rosenberg and Elevate Ventures CEO Christopher Day for the announcement.
The new fund, called the Elevate Ventures Growth fund, will be aimed at companies with a $500 million or greater total addressable market.
The fund will be started by a $25 million initial investment from Elevate Ventures. Elevate plans to raise an additional $75 million through the private markets for the fund.
“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 $250 million Next Level Fund we created in 2017,” Holcomb said in written remarks. “This new $100 million fund anchored by a $25 million initial investment from Elevate Ventures will provide even more opportunities to invest and grow innovative businesses at the later stages of their development.”
Elevate Ventures is planning to begin fund formation in the late second quarter and begin making investments from the fund in 2025.
This story will be updated.
