Elevate Capital hits first close — and cuts first checks — for $40 million Fund II

Another local venture capital fund has leveraged the success of its previous efforts to raise another larger fund. Portland based Elevate Capital has announced hitting the first close on their $40 million fund II. And they’ve already started cutting checks out the fund.

Investment in Fund II is led by two institutional investors: Meyer Memorial Trust and the Oregon Growth Account. Fund II has also attracted dozens of prominent investors, such as Chelsea Stoner at Battery Ventures who are participating privately. In Fund I, Elevate validated its approach of providing “mentor capital” to companies led by women, under-represented communities, and other diverse backgrounds. To date, it is performing in the top quartiles of funds nationally in terms of IRR and cash returns. Built on this success, Fund II will quadruple the investment power and expand the firm’s reach nationally.

For more information, see the Elevate blog post or the coverage in the Portland Business Journal.