Venture capital activity surpasses $1B in Indiana
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Indianapolis-based Elevate Ventures, a private venture development organization, has released the results of an annual report that provides a year-end assessment of venture capital activity in the state. It shows VC investment topped $1 billion for the second straight year.
The organization says Indiana generated 190 deals in 2022, a 19% increase over 2021. It says a majority (63) of the investments were in the $1 million to $4.9 million range.
Pre-seed deals, which are less than $500,000, accounted for 27% of the deals.
Elevate Ventures says there were 23 later-stage investments that are valued at more than $10 million each. The organization says those bigger amounts reflect a maturing venture ecosystem in the state.
“I believe the market is more robust than ever. We’re seeing disparate stakeholders from across the state lean in with new ideas to help companies get started and grow. Companies in Indiana also grow more efficiently than other markets throughout the country, so we are expecting another record-breaking year,” said Christopher Day, CEO of Elevate Ventures.
Elevate Ventures says Indiana is the second-highest state in deal activity in the Great Lakes and Midwestern regions, behind only Illinois.
The report shows the business-to-business tech sector attracted over 57% of all venture capital dollars last year in Indiana, followed by life sciences and ag sciences at 31%.
Day says his own organization made 128 investments last year, accounting for nearly $23 million of the state tally.
“This is a golden opportunity for startups and scale-ups in Indiana,” said Day. “At Elevate, we believe Indiana has the opportunity to be the innovation capital of the world. We have all the ingredients to do it, and now we just need to execute.”
Click here to access the VC report.