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Indiana Angel Network Fund III

Supporting seed investment in Indiana-based companies

Key information & criteria

Through the State Small Business Credit Initiative (SSBCI), Indiana secured up to $99 million in federal funding to expand access and increase capital for Hoosier entrepreneurs, startups and small businesses. 

From this funding, $70 million is allocated to Elevate Ventures to support pre-seed and seed funding rounds for early-revenue companies through the Indiana Angel Network Fund III. This expansion will significantly increase Indiana’s ability to invest in innovation and grow the state’s startup ecosystem. A portion of the funding will be earmarked for investments in socially and economically disadvantaged individuals (SEDI), or historically underserved entrepreneurs to encourage greater economic equity across Indiana. Additional details about the program will be released soon.


Up to $1 Million


  • Seed stage financing with additional follow-up funding
  • Entrepreneur-in-Residence services
  • Elevate Advisor services
  • Access to Elevate Ventures Tech offerings (Partnered with AWS, Hubspot, Google Cloud Startup Program, and more)


  • Indiana-based
  • Co-investment of at least 50%
  • Addressable market of $500M+
  • Strong team with industry experience and prior startup experience
  • Well-articulated value proposition

The Indiana Economic Development Corp. (IEDC) will leverage part of the federal funding to create a new small business loan fund investment program to provide more capital for entrepreneurs and small businesses, particularly for those that have been historically underserved.

Learn More

What to expect after applying

Initial consideration

The Elevate team will assess and triage to the appropriate next step.

Present to Elevate

The Elevate investment team will evaluate if you are a fit through initial vetting and an in-person presentation and provide a recommendation for investment.

Due diligence

You will be asked to provide roughly 50 items for us to complete our due diligence process.

Final review & closing

The Elevate team will then review the recommendation and decide whether to approve it for closing.

Ongoing reporting

Once finalized, you are responsible for providing quarterly reports to Elevate while receiving portfolio-company benefits.

Apply for the IANF III

On the application form, select “Direct Investment” from the dropdown menu to begin your application for the IANF.