Elevate Capital's New Initiative in Partnership with Business Oregon
This new program presents a fantastic opportunity to enhance the economic landscape of the state.
Elevate Capital Takes Charge
Elevate Capital, recognized as Oregon's pioneering inclusive venture capital fund focusing on diversity and inclusion, has been selected by Business Oregon to manage the SSBCI (State Small Business Credit Initiative) Venture Direct program. This significant selection signals a crucial advancement for early-stage ventures in the state.
Commitment to Growth
Nitin Rai, the Founder and Managing Partner of Elevate Capital, expressed his excitement regarding this opportunity. He stated, "The responsibility of managing the SSBCI Venture Direct program comes after a highly competitive selection process and showcases Elevate Capital's effectiveness in supporting innovation and growth within Oregon's startup ecosystem through investment. We are excited to earn the continued trust from the State."
Building on a Successful Foundation
The recognition of managing this new program builds upon Elevate Capital's successful track record with funds such as Gap Fund I and Gap Fund II, both of which have received support from Business Oregon. These funds were specifically designed to nurture emerging businesses, and this program further enhances Elevate Capital’s commitment to fostering innovation in Oregon.
Funding for Future Startups
The SSBCI Venture Direct program is set to allocate up to $15 million to invest in Oregon startups over the next four to six years. Elevate Capital is prepared to catalyze additional investment opportunities, as each SSBCI investment necessitates at least a 1:1 match at the time of investment. Notably, the SSBCI portfolio will prioritize businesses that are owned by socially and economically disadvantaged individuals, ensuring that at least 40% of investments support these efforts.
Elevate Capital: Championing Diversity
Founded in 2016, Elevate Capital stands out as the first institutional venture capital fund dedicated to investing in underrepresented entrepreneurs, including women, BIPOC, LGBTQ+ communities, and those facing regional barriers to capital access. Elevate Capital’s goal through programs such as the Innovation Gap Funds is to support high-risk, research-driven innovations from various sectors, including healthcare, cleantech, and sustainability.
Follow Elevate Capital
For those interested in learning more, Elevate Capital maintains an active online presence and encourages everyone to visit their website and follow their updates across social media platforms.
Frequently Asked Questions
What is the SSBCI Venture Direct program?
The SSBCI Venture Direct program is an initiative aimed at investing in Oregon startups, particularly those owned by socially and economically disadvantaged individuals.
How much funding will be allocated?
Up to $15 million will be dedicated to invest in Oregon startups over the next four to six years.
Who is Elevate Capital?
Elevate Capital is a venture capital fund focused on supporting underrepresented entrepreneurs and fostering innovation in Oregon.
What types of businesses will be prioritized?
At least 40% of the investments will prioritize businesses owned by socially and economically disadvantaged individuals.
Where can I find more information about Elevate Capital?
Visit Elevate Capital’s website or follow them on social media for the latest updates and information about their initiatives.
