Photo: The Elevate Capital team of Robin Jones, Nitin Rai, Eric Boothe and Stephen Greene
Elevate Capital Fund completes first close; investments on the horizon
Elevate Capital Fund, a fund formed to lead the effort in funding under-represented entrepreneurs in the Pacific Northwest region, achieved its first close on August 17 at $4.25 million.
According to Managing Director Nitin Rai, the Elevate Capital Fund has already built a strong pipeline of investment deals and will begin announcing several in the next few weeks. Initially, Rai anticipates investments up to $500,000 in early A or Series A rounds high-growth startups — with room for follow-on in the next three to four years. The final close of $10 million is expected to take an additional 12 months. Other early investors committed to the fund include the Meyer Memorial Trust, Oregon Community Foundation and certain individual investors from TiE Oregon Angels and Willamette Angels — via endorsement from the Regional Accelerator and Innovation Network (RAIN).
“Our goal for the first close was $4 million, so to surpass that number is an amazing accomplishment,” said Rai. “I want to thank the Meyer Memorial Trust, Oregon Community Foundation, TiE Oregon, RAIN and the rest of the Elevate Capital Fund team. Without their support and endorsements, this would not have been possible.”
Elevate Capital Fund is a newly formed $10 million Pacific Northwest-based venture fund that invests in early stage startups that includes underrepresented entrepreneurs, including women and people of color, veterans, and entrepreneurs located in underserved regions, such as the Willamette Valley, central and southern Oregon, and southwest Washington.
In addition to the fund, Elevate Capital hosts office hours for mentoring at the RAIN Eugene and RAIN Corvallis/Advantage accelerators. Contact Eric Boothe (firstname.lastname@example.org) for the latest office hours schedule.