PORTLAND, Ore., Aug. 16, 2021 /PRNewswire/ -- Elevate Capital, one of the nation's first inclusive venture capital fund that supports diversity and inclusion by targeting underserved entrepreneur investments is excited to announce that Hubb, LLC, an Elevate Inclusive and Capital Fund portfolio company since 2016, has been acquired by Intrado Digital Media.
"Hubb joining Intrado Digital Media brings together two leading platforms in the industry, to offer the world's largest, most effective, and comprehensive event management platform," said Allie Magyar, Hubb's Founder and CEO and now Intrado's Chief Product Officer. "This strategic acquisition will provide access to new tools and functionality, as well as speed up our ability to roll out new products for event planners that make your lives easier and help you achieve your goals."
"Hubb is a phenomenal product that reinvents the way people experience virtual, onsite, and hybrid events. The main reason we invested in Hubb five years ago is because of Allie Magyar," said Nitin Rai, Elevate Capital's Founder and Managing Partner. Additionally, both TiE Oregon Angels and the Oregon Tap Fund led by Rai also co-invested in Hubb.
"When one of our portfolio companies successfully exits, that's when we create substantial value with wealth creation in the community and economy. As a lead investor in 2016 and board member of Hubb, we're thrilled that this investment exit from Elevate Capital allows Allie to take her brand to a higher level by partnering with Intrado Digital Media," Nitin Rai adds. "Allie's focus, drive, and leadership made Hubb a huge success. Hubb is a powerful attendee engagement tool that brings brands to life."
"Nitin Rai and the Elevate Capital team have been with Hubb from the start of our journey to where we are now," said Allie Magyar. "In the early stages, it's really about getting some of the rhythms of business items in place. I learned so much from Nitin about how to manage cash flow, and when to think about raising our next round of funding. Not only has Nitin been there to help with the growth and strategy of how to scale, but he's also been a strategic advisor."
Since 2016, Elevate Capital Fund I has invested $10 million in 30 startups. In less than five years, it has returned over 75% of capital in four exits since 2018. Nearly 60% of those investments were in women-led companies.
In January 2021, Elevate Capital launched Fund II to expand its mission of inclusive investing, and to date, it has raised more than $30 million of the $40 million total. Since January 2021, Elevate Capital has announced 10 new portfolio companies in Fund II, with a total of 18 investments. To date, 53% of the Elevate Capital Fund II portfolio companies are led by Black founders and executive teams, and 71% are led by women.
About Elevate Capital
Elevate Capital is a Pacific Northwest-based venture capital firm that invests nationally in early-stage underrepresented entrepreneurs, that includes women, people of color, LGBTQ+, and veterans. Visit elevate.vc or follow Elevate Capital on Twitter, Facebook, and LinkedIn.
SOURCE Elevate Capital