About This Fund
The SSBCI Venture Direct Program is a state-managed equity investment initiative administered by Business Oregon and managed by Elevate Capital, Oregon's first inclusive venture capital fund. Funded through the State Small Business Credit Initiative (SSBCI), a federal program authorized under the American Rescue Plan Act of 2021 with $10 billion in national allocation, the program deploys direct equity investments into early-stage startups based in Oregon. Elevate Capital, founded in 2016 by Managing Partner Nitin Rai, serves as the fund manager and brings its track record as the nation's first institutional venture capital fund primarily targeting underrepresented entrepreneurs, including women, BIPOC, and LGBTQ+ communities, as well as founders in regions with historically limited access to traditional venture capital.
The program operates as a direct venture capital investment vehicle, with each SSBCI-funded investment requiring at least a 1:1 match from private co-investors at the time of deployment, effectively doubling the capital available to each Oregon portfolio company. A minimum of 40% of portfolio investments must be directed to businesses owned by Socially and Economically Disadvantaged Individuals (SEDI). The fund invests across healthcare, life sciences, cleantech, and sustainability sectors — reflecting Elevate Capital's existing domain expertise — while remaining open to other technology-driven opportunities across Oregon's startup ecosystem. The investment mandate builds on Elevate's prior success managing Business Oregon's Innovation Gap Funds I and II, earlier state-backed commercialization vehicles designed to close Oregon's funding gap for underserved early-stage companies.
The SSBCI Venture Direct Program has allocated up to $15 million for direct equity investments over a four-to-six year deployment period. As of January 2026, Elevate Capital had deployed $1.6 million into five Oregon-based startups under the program, with additional investments continuing. The program is part of the approximately 84 state-level venture capital programs established using SSBCI funds across the United States, representing more than $3 billion in federal equity deployment nationally. Elevate Capital's selection as manager reflects Business Oregon's confidence in the firm's ability to identify and support underrepresented founders while building a diversified early-stage portfolio across the state's regions.