Elevate Ventures 2024 Annual Report

Elevate Ventures 2024 Annual Report: Committed Beyond Capital

Elevate Ventures has released its 2024 Annual Report, showcasing a year of remarkable growth, strategic initiatives, and transformative impact across Indiana’s innovation ecosystem. As the #1 most active venture capital investor in the Great Lakes Region, Elevate continues to strengthen its position as a leader and partner for entrepreneurial success throughout the state.

A Three-Phase Transformation

As one of the most successful public-private partnerships in the United States, in 2024, we rolled out a three-phase transformation for the state of Indiana:

Phase I – Digital Transformation: Elevate underwent a complete strategic rebrand to better reflect its evolved mission: accelerating the state’s entrepreneurial and innovation ecosystem by helping businesses launch, grow, and locate in Indiana. This digital refresh included a new website and enhanced digital tools to better serve founders and partners.

Phase II – Physical Transformation: In late 2024, Elevate moved into its new headquarters in downtown Indianapolis. This purpose-built space serves as a manifestation of the organization’s ecosystem-building philosophy, designed as a publically accessible space for statewide connectivity, collaboration, and acceleration. The space features flexible meeting areas, presentation capabilities, state-of-the-art podcasting facilities, and networking zones—all intentionally designed to break down barriers and create meaningful connections.

Phase III – Operational Transformation: The new Elevate+ platform focuses on providing additional value to founders post-investment. As one of the most active VCs globally, Elevate has structured two terabytes of deal data to provide deeper insights for founders and the innovation ecosystem in 2025.

Impressive Results by the Numbers

The report highlights Elevate’s substantial impact on Indiana’s economy and innovation sectors:

• $184M invested in Indiana startups since 2011
• 602 startups funded across the state
• 402 active portfolio companies currently in the Elevate portfolio

In 2024 alone, Elevate completed 103 capital commitments totaling $18.96M—equivalent to one deal made every 2.5 business days. These investments were thoughtfully distributed across software (72 commitments), life science (19 commitments), hardtech (9 commitments), and product-based businesses (3 commitments).

Building an Inclusive Innovation Ecosystem

Elevate’s commitment to fostering an inclusive startup community with on-ramps for all:

• 20% of commitments went to women-owned or women-led companies
• 34% of commitments supported minority-owned or minority-led businesses
• 8% of investments backed veteran-owned or veteran-led enterprises

“We are committed beyond capital,” says Christopher “Toph” Day, Chief Executive Officer of Elevate Ventures. “Our mission is to transform Indiana into the Innovation Capital of the World® where people want to live, work, and play.”

Connecting Communities Statewide

The Annual Report highlights Elevate’s intentional approach to building connections at local, regional, national, and global levels. In 2024, the Elevate team:

• Participated in 175+ events around the state
• Conducted robust roadshows in communities including Bloomington, Evansville, Fort Wayne, Hammond, Lafayette, South Bend, and more
• Connected with innovators at 17 universities
• Welcomed 300+ entrepreneurs, partners, and stakeholders to the new headquarters open house

RALLY, Elevate’s premier innovation event, has established itself as a global destination for cross-sector innovation with registration increasing more than 30% year-over-year. Since its inception, RALLY has attracted nearly 7,000 attendees from 25 countries and 39 U.S. states, including 297 VCs representing $27.6B in assets under management.

Going Beyond Capital with Elevate+

The Annual Report introduces Elevate+, the organization’s comprehensive platform designed to prepare startups for scaled success. Elevate+ includes:

• ElevateTalent: A full-service talent recruitment program piloted in 2024 (officially launched in January 2025) to work hand-in-hand with portfolio companies to drive their talent initiatives.
• Elevate+ Toolkit: A collection of 40+ vendor discounts, programming, and opportunities available to all portfolio companies
• Strategic Programming: Expert-led workshops focused on customer experience, scaling strategies, and business fundamentals
• Operating Partners: A network of corporate executives, industry experts, and successful founders providing guidance and filling board positions for portfolio companies

“Investment from Elevate Ventures has enabled Ekkobar to launch the next phase of our company’s growth,” says Rhys Ryan, CEO & Co-Founder of Ekkobar. “Having worked in the entertainment industry for over 20 years, I have witnessed how success breeds more success. Being part of Elevate’s family will help ensure Ekkobar’s continued growth.”

Looking Forward to 2025

Here is a glimpse of Elevate’s exciting initiatives for 2025:

• $150M Growth Stage Fund Launch
• RALLY 2025 | September 24-25
• Statewide Innovation Ecosystem Connectivity
• Elevate+ Expansion

The full 2024 Annual Report provides a comprehensive look at how Elevate Ventures is fueling innovation across Indiana and positioning the state as a global leader in entrepreneurship and innovation.

To explore the complete 2024 Annual Report, click here.

“Founders start the fire. We help fuel it.”