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Elevate Ventures


Indianapolis, IN

Build to Scale Program

Capital Challenge

Project Name

Development of Indiana-Centric Venture-Syndicates (DIV)

Award Amount

Federal Share

Local Match



Elevate Ventures will establish a fund equity-based financing vehicle aimed at venture-backed startups in Indiana. To accelerate the deployment of risk capital into Indiana companies, DIV will raise a syndicate fund targeted at co-investing with local, regional, and national venture capital firms investing in Indiana startups. This fund will provide a viable impact investing platform for corporate partners, family offices, and community foundations that are interested in supporting and advancing the Indiana entrepreneurial ecosystem by investing in Indiana startups.

The Elevate Ventures strategy for the Capital Challenge Grant will focus on solving the funding gap challenge by establishing a VC syndicate fund, targeting $50M-$75M in investment capital, with a focus on co-investing with venture capital firms in Indiana startups and scale-ups, and to pursue Indiana corporations (among others) as limited partners in the fund.

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Office of Innovation and Entrepreneurship (OIE)

Build To Scale (B2S)
formerly Regional Innovation Strategies Program (RIS)

SPRINT Challenge

STEM Talent Challenge

Accelerate R2 Network Challenge

National Advisory Council on Innovation & Entrepreneurship (NACIE)

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