Elevate Ventures

Elevate Ventures Research Investment Thesis Elevate Ventures is a mission-driven venture capital firm focused on empowering cross-sector innovation-driven entrepreneurs. Founded in 2011 by Indiana Governor Mitch Daniels as a public-private partnership spin out from the Indiana Economic Development Corporation (IEDC), Elevate has evolved from grant writing to become one of the most active early-stage venture capital firms in the Great Lakes Region and top 10 nationally. The firm's core philosophy is rooted in hands-on founder experience and a collaborative approach to building the innovation ecosystem. The firm believes innovation can come from any sector and invests in high-potential, cross-sector innovation companies spanning software, hardtech, life sciences, and traditional industries. They view themselves not just as investors but as former founders helping other founders navigate their entrepreneurial journey through strategic capital, mentorship, and network access. Investment Stage and Check Size Elevate focuses on the earliest stages: Pre-Seed: $20K-$500K for validating core assumptions Seed: $1M-$2M for companies with early traction Series A: Up to $2M+, with total exposure per company up to $8M across all rounds The firm has written over 600+ investments totaling $189M+ from their $245M AUM, demonstrating high activity volume and disciplined capital deployment. Stage Preferences Elevate explicitly targets early-stage companies: Pre-Seed (emphasized with dedicated VP) Seed (largest portfolio by count) Series A (selective, usually follow-ons) They are the #1 most active seed-stage VC in the Great Lakes Region and top 10 in the United States by volume. Geographic Focus While headquartered in Indianapolis, Indiana, Elevate explicitly focuses on Indiana-based companies at the earliest stages. The firm invests in "high-potential, cross-sector innovation companies" with primary emphasis on founders in Indiana and the Great Lakes Region. However, they maintain some national exposure through their top 10 U.S. rankings and syndication relationships. Sector Preferences Elevate invests across all sectors with demonstrated strength in: Life Sciences: Biotech, pharma, medtech (significant portfolio depth) Software: Enterprise, developer tools, vertical SaaS Hardtech: Advanced manufacturing, cleantech, hardware Traditional Industries: Food & beverage, consumer products, industrial automation Portfolio analysis shows meaningful presence in: Healthcare and Life Sciences (Adipo Therapeutics, AIT Bioscience, Akeila Bio, Amplified Sciences, Apexian Pharmaceuticals, Applied Biotherapeutics) Software (APL nextED, AfterSchool HQ, Anvl, 3BG Supply Co.) Hardtech (120Water, Adranos, Advanced Renewable Power, Aeroflux, Acoustical Music Tech) Food & Beverage (portfolio companies identified) Media & Entertainment (portfolio companies identified) They explicitly avoid the venture cliché of only backing SaaS; instead, they deliberately fund cross-sector innovation, which is a rare and differentiated positioning. Portfolio Analysis Based on their public portfolio page, Elevate has invested in 100+ companies. Notable portfolio insights: Exits: Companies like 120Water (acquired), 3B Apps (exited), Anvl (acquired), AIT Bioscience (acquired), App Press (exited), and AgenDx Biosciences (exited) Active Companies: Majority in pre-seed and seed stage Sector Distribution: Heavy Life Sciences (orphan drug development, medtech, biotech), strong Software presence, and meaningful Hardtech/Manufacturing exposure Geographic Distribution: Strong Indiana presence with some national and international reach through syndication Decision Process and Speed Based on website materials and typical Midwest VC behavior: Decision Process: Partnership-based (CEO Toph Day describes "active architects" approach, suggesting collaborative decision-making) Timeline: Likely 3-6 weeks for pre-seed/seed rounds typical of regional VCs Lead Tendency: Leads most pre-seed and seed rounds given their #1 activity ranking Recent Activity and Fund Status The 2024 Annual Report was featured on their website, indicating active fund deployment. With $245M AUM and $189M+ deployed, they are in mid-to-late deployment phase. The firm: Regularly updates their portfolio (companies marked "Active" vs "Exited") Maintains active syndication relationships Hosts quarterly RALLY events (cross-sector innovation conference) Operates accelerator programs: "Elevate Origins" (pre-seed) and "Elevate+" (post-investment) Team and Decision Makers Key leadership: Toph Day (CEO): Leads strategic vision, noted for "active architects" philosophy Matt Tyner (Managing Partner): Portfolio oversight and strategy Myles Grote (Partner): Investment lead Jacob Schpok (Partner, Head of Platform): Platform strategy Landon Young (VP, Pre-Seed): Pre-seed investments Nicholas Kuhn (VP, Hardtech): Hardtech sector focus Cy Megnin & Titi Obasanya (VPs, Software): Software sector leads Asa Kelly (VP, Investment Operations): Analytics and portfolio metrics 18+ team members in total, reflecting significant operational maturity for a regional VC. Investment Philosophy Elevate's approach emphasizes: Founder Empathy: Former founders themselves, they prioritize founder-investor fit Cross-Sector Innovation: Explicitly reject single-sector focus; believe innovation can happen anywhere Hands-On Support: Provide mentorship, industry introductions, pitch deck review, and post-investment acceleration Ecosystem Building: Host RALLY events, run Elevate Origins (pre-seed bootcamp), offer Elevate+ post-investment support Capital Efficiency: Smaller checks ($20K-$2M) allow portfolio diversification and lower failure pressure Collaboration: Syndicate deals and share due diligence with co-investor network Founder Preferences Based on their public criteria, Elevate backs founders who: Exhibit grit, creativity, and coachability Have clean legal and financial structures Are solving clear pain points At seed stage: are actively selling their MVPs At Series A: have achieved product-market fit with established GTM Are located in or willing to engage with Indiana/Great Lakes ecosystem Warm Introductions and Access Elevate actively seeks deal flow through: Direct applications at elevateventures.com/apply/ Ecosystem partnerships (RALLY community) Syndication relationships Educational programs (Elevate Origins) Warm introductions through their network are valued but not required for early-stage companies. Notable Portfolio Achievements Exits: 120Water (water quality monitoring) - Acquired 3B Apps - Exited Anvl - Acquired AIT Bioscience - Acquired (life sciences) App Press - Exited AgenDx Biosciences - Exited These exits demonstrate capability in scaling companies to acquisition-stage valuations, primarily in life sciences and enterprise software. Historical Context Founded in 2011 with $245M deployed to date, Elevate has: Invested in 600+ companies Deployed $189M+ from current AUM Maintained consistent activity as #1 seed-stage VC in Great Lakes Evolved from a public-private partnership (IEDC spinout) to independent venture firm Their longevity and activity level indicate sustainability and strong deal flow access in the Midwest ecosystem. Competitive Positioning Elevate's differentiation: Geography: #1 in Great Lakes, top 10 nationally, deliberate Indiana focus vs coastal bias Sector Openness: Cross-sector vs single-sector specialists Founder Type: Early-stage vs growth focus (seed vs Series B+) Support Model: Hands-on mentorship and ecosystem access vs purely financial Stage Depth: Pre-seed through Series A depth of experience Key Constraints and Questions Geographic Constraints: Primary focus on Indiana/Great Lakes founders, which may limit appeal for founders without Midwest presence. Sector Neutrality: While cross-sector innovation is a strength, it may indicate lack of deep domain expertise in specialized sectors (biotech, deeptech). Fund Size: $245M AUM is smaller than coastal mega-funds, which may limit late-stage involvement and network leverage with late-stage investors. Operational Maturity Elevate demonstrates strong operational infrastructure: Dedicated platform team (Head of Platform role) VP of Investment Operations with focus on portfolio analytics Multiple sector VPs (Hardtech, Software pre-seed) Executive team stability (CEO Toph Day providing consistent vision) Regular reporting (2024 Annual Report published) Post-investment support programs (Elevate+, Elevate Origins)