This new program provides an excellent opportunity to bolster the state’s economy.
PORTLAND, Ore., Feb. 3, 2025 — Elevate Capital, Oregon’s first inclusive venture capital fund supporting diversity and inclusion, has been selected by Business Oregon to manage the SSBCI (State Small Business Credit Initiative) Venture Direct program. This selection marks a significant advancement for Oregon’s early-stage startups.
“The honor of managing the SSBCI Venture Direct program follows a highly competitive selection process with Business Oregon and reflects Elevate Capital’s reputation and effectiveness in fostering innovation and growth in Oregon’s startup community with investment. We are thrilled to receive the continued trust and confidence from the State of Oregon,” says Nitin Rai, Elevate Capital’s Founder and Managing Partner.
“This recognition builds on Elevate Capital’s successful track record managing the Gap Fund I and Gap Fund II, also backed by Business Oregon. Our team has demonstrated a strong commitment to nurturing emerging businesses, and this new program provides an excellent opportunity to bolster the state’s economy,” says Ben Nahir, Venture Principal, Elevate Capital.
Funding Requirements
- The SSBCI Venture Direct program will allocate up to $15M to invest in Oregon startups over the next four to six years.
- Elevate will catalyze additional investment opportunities into Oregon startups, as each SSBCI investment requires at least a 1:1 match at the time of investment.
- The SSBCI portfolio will include at least 40% SEDI (socially and economically disadvantaged individuals) -owned businesses.
- This Fund will invest in all new companies.
About Elevate Capital
Founded in 2016, Elevate Capital is the nation’s first institutional venture capital fund primarily targeting investments in underrepresented entrepreneurs, including women, BIPOC, LGBTQ+ communities, and those with limited regional access to capital and opportunities. Through the Innovation Gap Funds, Elevate supports high-risk research-driven innovation in Oregon by investing at the earliest stages in startups from healthcare, life sciences, cleantech, sustainability, and other target-traded sector industries. Visit elevate.vc or follow Elevate Capital on X, Facebook, and LinkedIn.
SOURCE Elevate Capital
