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Gov. Holcomb announces new Growth Stage Fund for entrepreneurs

Posted at 5:13 PM, May 23, 2024

INDIANAPOLIS — Entrepreneurs in Indiana will soon have more access to funding for their business.

Indiana Gov. Eric Holcomb, Indiana Secretary of Commerce, David Rosenberg, and CEO of Elevate Ventures, Christopher Day, announced a new $100 million fund focused on cross sector innovation driven growth stage companies with a $500 million total addressable market (TAM) or greater. The announcement was made at the Indiana Global Economic Summit.

Experts say once entrepreneurs grow their business to a certain size, it can be hard for them to secure funding to expand further. That means the business either gets acquired or they must search out of state for the money they need.

The governor says this will allow Indiana to continue to innovate and keep businesses growing here in the Hoosier state.

"This is going to allow companies and startups to become acquirers, not acquirees,” Gov. Holcomb said.

The fund will be anchored by a $25 million commitment from the returns achieved by Elevate Ventures investments. Elevate plans to raise an additional $75 million through the private market to continue fueling Indiana’s venture capital.

The new growth fund will be called the Elevate Ventures Growth Fund.

Elevate Ventures is planning to commence fund formation in late Q2 and is hoping to make first investments in 2025.

In August of this year, innovators, entrepreneurs and investors from across the world will gather in Indiana for the second annual Rally, a global cross sector innovation festival and $5 million pitch competition, one of the world’s largest.

For more details, click here.