#United States #Portland #Elevate Capital #Oregon Startups #SSBCI Venture Direct

Elevate Capital Chosen for SSBCI Venture Direct Program

In a significant step forward for Oregon's entrepreneurial ecosystem, Elevate Capital has been appointed by Business Oregon to oversee the State Small Business Credit Initiative (SSBCI) Venture Direct program. This selection not only underscores Elevate's commitment to fostering innovation but also highlights its integral role in the state’s efforts to support diversity and inclusion within the startup community.

Founded in 2016, Elevate Capital is renowned for being Oregon's first inclusive venture capital fund, targeting investments in underrepresented entrepreneurs, including women, BIPOC, and LGBTQ+ communities. The firm aims to level the playing field for those who face barriers in traditional funding avenues, thereby enriching Oregon's economy.

Strengthening Oregon's Startup Sector

Nitin Rai, the founder and managing partner of Elevate Capital, expressed enthusiasm about this opportunity, stating, "The honor of managing the SSBCI Venture Direct program follows a highly competitive selection process and reflects Elevate Capital's reputation in the startup community." He added that the firm is eager to build upon its track record of success, which includes managing the Gap Fund I and Gap Fund II, both backed by Business Oregon.

The SSBCI Venture Direct program is set to inject up to $15 million into Oregon startups over the next four to six years. This initiative mandates each SSBCI investment to leverage additional funding, requiring at least an 11% match at the time of investment. Notably, the program will focus on investing in companies owned by socially and economically disadvantaged individuals (SEDI), ensuring that at least 40% of the portfolio is dedicated to these enterprises.

A Vision for an Inclusive Future

Ben Nahir, venture principal at Elevate Capital, emphasized the importance of this new program for the state's economy: "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." The SSBCI Venture Direct program aims to catalyze new investment interests into the Oregon startup scene, thus fostering further innovation and growth.

The goal is clear: By focusing on diverse entrepreneurs and creating tailor-made opportunities for underrepresented groups, Elevate Capital is aiming to make a lasting impact that resonates throughout the community. The fund will invest in various sectors, including healthcare, life sciences, cleantech, and sustainability sectors, which align with Elevate’s mission to support high-risk, research-driven innovations.

Conclusion

As Elevate Capital steers the SSBCI Venture Direct program, it stands to not only transform Oregon's startup landscape but also rewrite the narrative of inclusivity in the venture capital industry. Support for diverse startups is expected to spark a new wave of growth and opportunity, making Oregon a pivotal player in the national startup ecosystem. For more information about Elevate Capital, visit their website or follow them on platforms like X, Facebook, and LinkedIn.