About This Fund
Elevate Capital Commercialization Gap Fund 1 is an early-stage venture capital fund managed by Elevate Capital, Oregon's first inclusive venture fund, in partnership with Business Oregon and the Oregon Innovation Council. Launched in 2020 with $2.5 million in capital provided by the State of Oregon, the fund was designed to bridge the "valley of death" — the critical funding gap separating early scientific research from initial commercialization — a stage chronically underserved by traditional venture capital given the technology risk, long development timelines, and small check-size requirements.
The fund deploys check sizes ranging from $50,000 to $250,000 per investment, targeting Oregon-based startups operating at the earliest stage of science-to-product translation. Priority sectors include life sciences and biotechnology, cleantech and sustainable resources, advanced manufacturing, and consumer health. Elevate Capital's inclusive investment mandate is embedded in the fund's deployment model: of the 15 portfolio companies funded, 29% are women-led ventures and 29% are led by BIPOC or immigrant founders, reflecting Elevate's commitment to closing systemic equity gaps in early-stage technology investment.
Over a 12-month deployment period, the fund made 15 investments totaling approximately $1.75 million in disbursed capital. Portfolio companies subsequently raised more than $4 million in follow-on private investment and $4.5 million in additional grant funding, demonstrating a leverage ratio well above 3x on the original state investment. The Commercialization Gap Fund 1 established the foundational template for Oregon's CGF programme and validated Elevate Capital as the preferred manager for deep-tech commercialization investing.