New statewide Pre-Seed Fund officially launches for startups
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Indianapolis-based Elevate Ventures and the Indiana Economic Development Corp. have officially launched the new Pre-Seed Fund, the venture capital firm announced Thursday.
The $3 million fund is designed to provide direct investments to pre-seed companies throughout the state with the goal of helping startups attract additional investment.
The fund was originally announced last month as part of a series of efforts by the IEDC to enhance the focus on innovation and entrepreneurship throughout the state.
Investments made through the fund will rang from $20,000 to $100,000.
“Our goal is to provide investments to as many eligible companies as possible, focusing attention on $20,000 investment opportunities where early money can help with customer discovery activities, MVPs, prototypes and other critical actions to help ensure founders are building impactful startups,” Elevate Ventures Partner and Head of Platform Jacob Schpok said in a news release.
The fund replaces the Elevate Nexus Pitch Competition and allows companies to pitch for investment at any time, as opposed to just during the competition phase. Elevate Ventures is also sunsetting its Community Ideation Fund in favor of the new fund.
Applications for investment from the Pre-Seed Fund are now being accepted. You can find more information by clicking here.