About This Fund
Elevate Capital Commercialization Gap Fund 2 is an early-stage venture capital fund managed by Elevate Capital, in partnership with Business Oregon and the Oregon Innovation Council. Launched in 2022 with $4.5 million in state-provided capital — nearly double the size of its predecessor, the $2.5 million Commercialization Gap Fund 1 — the fund targets Oregon-based startups at the earliest commercialization stage: companies with breakthrough scientific or technological foundations that have not yet achieved the market traction or product maturity necessary to attract traditional venture capital investment.
The fund deploys check sizes of $100,000 to $250,000 per company, with a target portfolio of 15 investments. Unlike purely financial VC vehicles, CGF 2 provides enhanced post-investment support, including active mentoring, network access, and introductions to downstream investors. Priority sectors include life science, cleantech and sustainable resources, advanced manufacturing, active lifestyle, and deep tech innovation. Elevate Capital's inclusive investment philosophy — supporting women, BIPOC, immigrant, LGBTQ+, and veteran founders — is a core element of the fund's mandate, continuing the equity-focused approach established in the first Commercialization Gap Fund.
The fund builds on the validated model of CGF 1, whose 15 portfolio companies raised over $4 million in private follow-on capital after Elevate's initial investment. Oregon's Commercialization Gap Fund programme, administered by Business Oregon under the Oregon Innovation Council, is one of the United States' most active state-level technology commercialization investment initiatives, structuring fund management partnerships with private-sector VC managers to deploy public innovation capital efficiently and inclusively.