About This Fund
The Elevate Innovation Gap Fund is an early-stage venture capital programme managed by Elevate Capital, an inclusive venture capital firm headquartered in Portland, Oregon, and the first institutional-scale VC fund in the United States focused primarily on investing in underrepresented and underestimated founders. The programme was established to fill a critical capital gap in Oregon's startup ecosystem — providing early-stage funding to research-intensive and science-driven ventures that lack access to mainstream venture capital due to geography, founder background, or the nature of their technology.
The programme has been deployed across two vehicles — Innovation Gap Fund I and Innovation Gap Fund II — with a combined $7 million in assets under management invested across 30 Oregon-based portfolio companies. Sectors of emphasis include healthcare and life sciences, cleantech and sustainability, and natural resources technology, all aligned with Oregon's designated traded-sector industries that carry the highest potential for exporting economic value and creating quality employment in the region. Over 58% of portfolio companies have diverse leadership teams, with 37% led by women and 43% by minority founders — among the highest diversity metrics in institutional US venture capital.
Elevate Capital was founded in 2016 and has since grown beyond the Innovation Gap Fund programme to manage the Oregon State Small Business Credit Initiative (SSBCI) Venture Direct Program, a federally funded state-managed capital facility targeting at least 40% participation from socially and economically disadvantaged individuals (SEDI). Business Oregon selected Elevate to manage the SSBCI programme based on demonstrated performance managing the Innovation Gap Funds and its deep-rooted network within Oregon's entrepreneurial community. The Elevate Innovation Gap Fund serves as a replicable model for mission-driven, geographically focused early-stage venture investing with measurable economic and social impact.