About This Fund
Elevate Capital Fund II is the second venture capital fund managed by Elevate Capital, a Portland, Oregon-based inclusive investment firm. Launched in January 2021 with a $40 million target and a $26 million first close, the fund extended Elevate Capital's proven model of backing underrepresented entrepreneurs from a regional Pacific Northwest focus to a fully national mandate. The fund targets underrepresented minority founders — including women, people of color (BIPOC), LGBTQ+ founders, and veterans — across technology, life sciences, and medical device sectors, investing from Pre-Seed through Series A in companies that conventional venture capital systematically overlooks.
Elevate Capital Fund II makes initial investments of $100,000 to $2 million per company, reflecting a larger check size than Fund I's $25,000 to $100,000 range, enabling more substantive lead and co-lead positions. The fund's investment thesis is grounded in the documented market inefficiency: BIPOC and female founders receive a fraction of a percent of all U.S. venture capital, creating a persistent supply-demand imbalance where high-quality opportunities are available at attractive entry valuations. Elevate Capital provides mentor capital alongside financial capital — intensive operational support, introductions to follow-on investors, and access to the firm's ecosystem of operators and advisors — to help founders navigate early-stage challenges that disproportionately affect those without established venture networks.
By the time of the January 2021 fund launch, Elevate Capital Fund II had already deployed capital in six portfolio companies, five of which were led by Black women founders. The fund's LP base included institutional anchors Meyer Memorial Trust and Oregon Growth Account alongside prominent individual investors from the venture community. Fund II built on the track record of Elevate Capital's Fund I and Innovation Gap Funds, which together demonstrated that inclusive venture investing delivers both competitive financial returns and measurable impact in underserved founder communities.