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Holcomb, Elevate Ventures announce $100M fund to help growing Indiana companies

A closeup of Eric Holcomb, a White man with white hair and a white and gray beard, wearing a dark suit, light colored shirt and green tie.
Brandon Smith
/
IPB News
Gov. Eric Holcomb delivered opening remarks at the Indiana Global Economic Summit on May 23, 2024.

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.

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Brandon Smith has covered the Statehouse for Indiana Public Broadcasting for more than a decade, spanning three governors and a dozen legislative sessions. He's also the host of Indiana Week in Review, a weekly political and policy discussion program seen and heard across the state. He previously worked at KBIA in Columbia, Missouri and WSPY in Plano, Illinois. His first job in radio was in another state capitol - Jefferson City, Missouri - as a reporter for three stations around the Show-Me State.