Elevate Ventures describes itself as an Indiana-based nonprofit venture development organization that invests in high-potential, cross-sector innovation-driven companies at Pre-Seed, Seed, Series A and growth stages. It states cheque sizes of $20,000 to $2 million per round and up to $8 million per company, invested through convertible notes or equity, and says it excludes real estate, insurance, oil and gas exploration, SME businesses and professional services. It organises its work under three stated pillars - Community, Capital and Acceleration - and its own portfolio filters group companies as Software, Life Science, Product and HardTech. It operates under a professional services contract with the State of Indiana and the Indiana Economic Development Corporation, and alongside its own investing it manages state and federally funded programmes including the Indiana 21st Century Research and Technology Fund (21 Fund) and the Indiana Angel Network Fund vehicles capitalised by the federal State Small Business Credit Initiative.
2011
Elevate Ventures is established by Governor Mitch Daniels through a spin out from the Indiana Economic Development Corporation, according to Elevate Ventures' own team page.
2011
The IRS recognises Elevate Ventures Inc (EIN 27-4118692) as a 501(c)(3) tax-exempt organisation; the ruling date recorded in IRS data is September 2011.
2020
Elevate Ventures awards $164,000 in Elevate Nexus grants to 19 Indiana organisations on 25 August 2020, funded by the U.S. Economic Development Administration and the 21st Century Research and Technology Fund.
2022
The Indiana Angel Network Fund III investment policy is adopted on 30 June 2022 for a fund whose sole source of capital is the federal State Small Business Credit Initiative, managed by Elevate Ventures, Inc. through its subsidiary Elevate Advisors, LLC.
2023
On 19 December 2023 the IEDC announces a 40 percent increase in annual funding to Elevate Ventures and a $3 million pre-seed fund, and states Elevate Ventures will narrow its focus to making, maintaining and managing investments, realigning certain grant programmes to the Applied Research Institute.
2023
Anduril Industries acquires Adranos, a solid rocket motor manufacturer with an Indiana fuel-production facility that Elevate Ventures lists on its portfolio page as Acquired; the companies announced the deal on 25 June 2023.
2024
On 23 May 2024 the State of Indiana and Elevate Ventures announce a $100 million growth-stage fund anchored by a $25 million initial investment from Elevate Ventures, with the balance to be raised from private markets.
2024
Dr Ari Landon joins Elevate Ventures as Vice President of Life Sciences and Healthcare, announced 26 November 2024.
2025
Elevate Ventures Growth Fund I, L.P. files a Form D with the SEC on 22 January 2025 reporting a $200,000,000 total offering with $0 sold and a first sale yet to occur, with Christopher L. Day named as executive officer, director and promoter of the fund's general partner.
2025
The IEDC Board approves an amended Indiana Angel Network Fund III investment policy on 25 June 2025.
2025
On 3 October 2025 Elevate Ventures publishes that an FTI Consulting review commissioned by the IEDC found no evidence of illegal activity by Elevate Ventures.