Elevate Capital Celebrates 10 Year Milestone in Funding Underrepresented Entrepreneurs

PORTLAND, Ore., March 3, 2026 /PRNewswire/ -- In 2016, Elevate Capital launched with a bold mission: to fund the unfunded and champion underrepresented entrepreneurs. At a time when less than 2% of venture capital went to women and BIPOC founders, Elevate Capital dared to do things differently. Elevate Capital set out to prove that investing in underrepresented founders wasn't just the right thing to do; it was smart business.

From launching the first inclusive fund in 2016 for founders with limited access to capital and opportunities, to its growing national influence, Elevate Capital has remained steadfast in its mission: investing in women, BIPOC, LGBTQI+, and veteran founders who are often overlooked for funding.

Through the SSBCI and Innovation Gap Funds, Elevate Capital also supports high-risk, research-driven innovation in Oregon by investing at the earliest stages in startups across healthcare, life sciences, cleantech, sustainability, and other target sectors.

"Elevate's story isn't just about venture capital; it's about belief. It's about being the first yes when others said no. And it's about what happens when you back people not just for their pitch decks, but for their purpose and creating generational wealth," said Nitin Rai, Elevate Capital Founder and Managing Partner.

"Whether we're asking insightful questions in a first meeting, serving as a sounding board for strategic discussions, or providing reliable support during challenging times, Elevate stands out," said Ben Nahir, PhD, Elevate Capital Partner.

A decade later, the results speak for themselves: thriving companies, meaningful exits, and a ripple effect that is reshaping who gets funded and why.

• Startups Funded: 92+
• Jobs Created: 1,200+
• ECF I Exits: 8
• ECF II Exits: 1
• Average Hold for Exits: 4 Years
• Cash Returns: 1.26 DPI for ECF I with a 16% Realized IRR
• Value Creation: ECF II portfolio companies grew revenue by an average of 60% in 2025
• Wealth Creation: Over $250M in wealth created for founders, employees, and investors
• Women-led Companies: 65%
• BIPOC, LGBTQI+ and Veteran Founders: 92%

Voices of Elevate Capital: First Portfolio Exits

"Early on, Elevate Capital encouraged us to build the company with strong operational discipline and clear metrics. They helped us think through what the right partner should look like, how to evaluate long-term alignment, and how to balance liquidity for early investors with what was best for the company's future," said Ganesh Shankar, Co-Founder and CEO, Responsive.

"I met Nitin at a time when access to growth capital was almost nonexistent for my industry and business model. Elevate understands the real needs and challenges of early-stage startups and consistently supports founders. Without that early support, I would not have been able to grow and scale the business, let alone be positioned for an acquisition," said Ana Chaud, former Founder and CEO, Garden Bar.

"As a minority entrepreneur himself, Nitin uniquely understands the challenges of raising capital and breaking through glass ceilings. He supported me in pivotal moments when I felt I was running into the same challenges. He created space for me to make the right decisions and continue to expand the business with the right partners that were long-term minded in a similar way as Elevate Capital," said Allie Persitz, former Founder and CEO, Hubb.

Looking Ahead to the Next Decade

"The most powerful legacy of Elevate Capital isn't just in the numbers. It's in the founders who now lead global teams, mentor the next generation, and reinvest in their communities. It's in the belief that innovation can come from anywhere, and with the right support, anyone can build something extraordinary," said Nitin.

"As Elevate Capital looks to the next decade, one thing is clear: this isn't the end of our story. It's just the next chapter in a movement that's still gaining momentum."

About Elevate Capital: Elevate Capital is the nation's first institutional venture capital fund primarily targeting investments in underrepresented founders and those with limited regional access to capital and opportunities. Through the SSBCI and Innovation Gap Funds, Elevate also supports high-risk, research-driven innovation in Oregon by investing at the earliest stages in startups across healthcare, life sciences, cleantech, sustainability, and other target sectors.

Visit elevate.vc or follow Elevate Capital on X, Facebook, and LinkedIn.

SOURCE Elevate Capital