The state and venture capital firm Elevate Ventures announced Thursday the creation of a $100 million entrepreneurship fund that Gov. Eric Holcomb said will fill a void for growing companies in Indiana.
Elevate Ventures CEO Christopher Day said his firm will use $25 million in its own investment returns and raise the other $75 million from the private sector.
He said the fund will help companies with a total addressable market of at least $500 million that are beyond the initial startup stages.
“So, most of these investments would be in companies that are $7 [million], $8 million or more in revenue,” Day said. “And they would use it to scale up product development, sales and marketing.”
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Holcomb said without this fund to help Indiana businesses, entrepreneurs here have had to look elsewhere to reach the next stage of growth.
“And so, for Indiana, I almost see it as addressing that missing link,” Holcomb said.
Elevate Ventures aims to make the first funds available next year.
Brandon is our Statehouse bureau chief. Contact him at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.