It’s always interesting to watch companies form. And while my vantage point usually has me monitoring startups, I’ve got to say that following along with the founding, formation, and funding of a venture capital firm is equally interesting. And likely has some valuable learnings for everyone. That’s why I was drawn to today’s news from Elevate Capital, our newest homegrown fund.
Today, Elevate announced a major investment from Meyer Memorial Trust. And with it, revealed more about dynamics of Elevate, itself.
We have exciting news! In January this year we announced the launch of Elevate Capital, our preamble and core mission and “Elevate Inclusive Fund” that will invest $3 million over the next five years in underrepresented entrepreneurs targeting concept stage and seed startups that were 100% from women, communities of color and veterans. $1.25 Million was committed from Portland Development Commission, Multnomah County and State Of Oregon. This is one of the first public/private supported funds of its nature in the nation. The range of initial funding is $25-75,000, in those two entrepreneurs in their garage style startups.
Today we are proud to announce the launch of “Elevate Capital Fund” – a $10 Million “all inclusive” fund that will invest initially up to $500,000 in early stage startups. We are so proud to get the support of a large local institutional investor – Meyer Memorial Trust in form of a $2 Million commitment to the Elevate Capital Fund. It was a chance opportunity to present TiE Oregon to the Meyer executive team last year that inspired me pursue the creation of this fund.
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Our investments will be for high growth startups primarily in the pacific northwest region (but we may consider a few outside) including all of Oregon, that are looking for that hard to raise $500,000 – $1000,0000 to get beyond the MVP and to the next level. We will target under represented entrepreneurs and under-served regions but we are open to one and all.
I love seeing these sorts of definitive “here’s what we’re interested in funding” sorts of things. And it’s equally impressive to see this continued commitment to improve diversity and inclusivity in our region.
For more information, read the Elevate blog post or see the article in the Portland Business Journal.
