About This Fund
Elevate Capital Innovation Gap Fund II is an early-stage venture capital fund managed by Elevate Capital, a Portland, Oregon-based investment firm dedicated to supporting underserved and underrepresented entrepreneurs. Launched in 2022 as the successor to the 2020-vintage Gap Fund I, the fund continues Elevate Capital's mission of providing seed-stage capital to Oregon innovators working in science, deep technology, and commercialization of research-based discoveries. The fund is supported by Business Oregon through the Oregon Innovation Council's Commercialization Gap Fund program, reflecting a public-private partnership model aimed at strengthening Oregon's startup ecosystem and ensuring that innovative science reaches the market.
The fund operates with the same investment philosophy as its predecessor: providing early capital at the commercialization gap stage, the critical period between laboratory research and revenue-generating commercial activity where traditional venture capital is typically unavailable. Investment tickets range from 0,000 to 50,000, targeting founders in healthcare, life sciences, cleantech, sustainability, and natural resources. The fund is designed to act as a venture on-ramp that helps founders access and prepare for downstream investment from larger commercial venture funds. Elevate Capital brings hands-on mentorship, network access, and institutional support to its portfolio companies alongside the financial capital.
Elevate Capital has deployed Gap Fund I and II across a combined portfolio of 30 startups in Oregon, generating more than 5.5 million in additional equity raised by portfolio companies, 4.7 million in non-dilutive grant support, and more than 151 total jobs created — 104 of which are in Oregon. More than half of all jobs created went to women, minorities, LGBTQ+ individuals, and other underrepresented groups. Gap Fund II maintains the firm's commitment to backing diverse founders, with 43% minority-led and 37% women-led companies across the combined portfolio. Business Oregon further expanded its partnership with Elevate Capital through the State Small Business Credit Initiative (SSBCI) Venture Direct Program in subsequent years.