About This Fund
Elevate Capital Innovation Gap Fund I is an early-stage venture capital fund managed by Elevate Capital, a Portland, Oregon-based investment firm focused on supporting underserved and underrepresented entrepreneurs building companies in science, deep technology, and innovation. Launched in 2020 with support from the Oregon Innovation Council's Commercialization Gap Fund and Business Oregon, the fund addresses the critical financing gap that early-stage Oregon innovators face between initial research funding and the point at which commercial investors typically engage. The fund is designed as a "venture on-ramp" that provides capital and mentorship to science and technology founders at the most challenging stage of their development.
The fund targets Oregon-based founders working at the intersection of research and commercial application, with investment tickets typically ranging from 0,000 to 50,000 per company. Sectors of focus include healthcare, life sciences, cleantech and sustainability, and natural resources — industries with strong research and development activity in Oregon's university and federal research ecosystem. The fund is particularly committed to supporting diverse founders: across its portfolio, 43% of companies are minority-led, 37% are women-led, and over 58% have diverse leadership overall, reflecting Elevate Capital's mission to ensure entrepreneurship is accessible to all communities in Oregon.
Gap Fund I is closed and has made 11 investments into early-stage Oregon startups. Portfolio companies have collectively raised over 5.5 million in additional equity investment and attracted 4.7 million in non-dilutive grant support, generating more than 104 jobs in Oregon. The fund was succeeded by the Elevate Capital Innovation Gap Fund II (2022 vintage), which continued and expanded the model with additional support from Business Oregon's State Small Business Credit Initiative (SSBCI) program.