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Indianapolis, Ind. (August 25, 2022) — Despite a national slowdown in venture activity in the first half of 2022, Indiana is well-positioned for a strong year, according to the 1H 2022 Indiana Venture Report, released today by Elevate Ventures.

In the first six months of 2022, Indiana generated 88 deals, compared to the 89 deals during the same period in 2021. In addition, there were 21 later-stage deals, more than the 17 occurring in all of 2021. The increase in later-stage deals indicates investor confidence in the state’s startup ecosystem and willingness to put capital into established companies.

“We’re seeing continued interest in the state from investors, but at a more measured pace than what we saw last year,” said Elevate Ventures CEO Christopher Day. “It’s encouraging to see the diversity of geography and industries represented in Indiana’s venture ecosystem. As more talent and investment enter the state, we are confident that it will continue to grow.”

Other findings in the report include:

  • While the deal count remained relatively unchanged, dollars invested declined from $708 million in the first half of 2021 to $304 million in the first six months of 2022.
  • Advanced manufacturing companies experienced an uptick in venture capital investment, with nine deals in 2022 compared to a total of five in 2021.
  • While most of the state’s venture activity is concentrated in Central Indiana, North Central Indiana saw strong growth, with $27.32 million invested in 2022. In addition, the Northwest region of the state is at $790,000 in 1H 2022 compared to $600,000 for all of 2021.

The 1H 2022 Indiana Venture Report provides a mid-year assessment of venture investment activity in Indiana. The report examines national and regional venture capital trends, as well as venture capital activity in Indiana compared across sectors, stages and regions.

Contributors to the report include the Indiana Economic Development Corp., AgriNovus, BioCrossroads, High Alpha and TechPoint.

Click to read the full Elevate Ventures 1H 2022 Indiana Venture Report.