What Elevate Capital does

Elevate Capital is a seed and early-stage venture capital firm founded in 2016 and headquartered in Beaverton, Oregon. The firm positions itself as the nation's first institutional VC fund specifically targeting underserved entrepreneurs — women, people of color, LGBTQ+ founders, and veterans — operating across the Pacific Northwest and nationally. It deploys capital through multiple specialized fund vehicles: the Inclusive Fund ($25k-$100k pre-seed/seed, Portland metro), Capital Fund II ($100k-$2M pre-seed through Series A, national, with 69% founders of color), the Innovation Gap Fund ($50k-$250k, Oregon, managed on behalf of Business Oregon in bioscience, cleantech, advanced materials), the SSBCI Venture Direct Program ($250k-$500k, Oregon, federally backed), and the newly announced Fund III targeting $50M (November 2025).

The firm's investment model combines capital deployment with active mentorship and ecosystem integration. Deep structural partnerships with TiE Oregon (founding charter relationship via Managing Director Nitin Rai), TiE Global Angels, Business Oregon, Bend Venture Conference, OTRADI, OBI, and Prosper Portland drive deal flow and co-investment syndicates. Screening runs through an Airtable application pipeline. Fund I outcomes include 300+ jobs created, $150M combined portfolio market cap, $64M in portfolio follow-on capital, and a record-breaking $25M Series A exit via RFPIO. The portfolio spans SaaS (50% of Fund I), CPG, science/technology, healthcare, platform, hardware/IoT, sustainability, medical device, and lab testing categories.

Revenue mechanics follow standard VC fund management economics — management fees on committed/deployed capital plus carried interest on exits — across a fund stack now exceeding $90M in announced target AUM. The team is small (1-10 employees) with three named leaders: Founder and Managing Director Nitin Rai (25-year entrepreneur, founder of First Insight), Partner Ben Nahir, PhD (promoted February 2026, with the firm since October 2018), and COO and Public Market Venture Partner Robin Jones. Recent strategic activity includes a January 2026 joint venture with LaSalle Investment Management for a S$121.8M Singapore real estate acquisition, signaling non-core diversification beyond US seed-stage VC.

Name

Elevate Capital

Website

http://elevate.vc

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Elevate Capital is a Beaverton, Oregon-based seed and early-stage venture capital firm founded in 2016 that invests in underrepresented founders (women, minorities, veterans, LGBTQ+) through multiple fund vehicles ranging from $25k to $2M per investment, with a national mandate and a portfolio that includes the RFPIO $25M exit.

Ownership category

akta.pro rank

Product category

Seed-Stage Venture Capital

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Impact / ESG Venture Capital (FSANAAAG)

akta.pro secondary industry

ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)

Keywords

• Venture capital investing
• Seed-stage funding
• Early-stage investments
• Impact venture capital
• Fund management services

Headquarters

HQ city

Hillsboro

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management: Venture capital fund management model generating returns through management fees and carried interest on successful portfolio company exits. Fund I invested over $5M, portfolio companies raised nearly $64M in follow-on capital with combined market cap of $150M.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels9 records

Core offering

Elevate Capital is a venture capital firm that deploys early-stage equity capital into underserved entrepreneurs (women, people of color, veterans, LGBTQ+ founders) through multiple fund vehicles. Investment tickets range from $25k to $2 million across pre-seed to Series A stages, combined with active mentorship, board advisory, and ecosystem connections via TiE Oregon and Business Oregon partnerships.

Product overview

Elevate Capital is the nation's first institutional venture capital fund that specifically targets investments in underserved entrepreneurs—such as women and ethnic minorities, or those with limited access regionally to capital and opportunities. The firm operates through multiple specialized investment vehicles: the Inclusive Fund (targeting women, minority, and veteran-founded startups in the Portland metro region with $25k-$100k investments), Capital Fund II (national investments of $100k-$2M in underrepresented minority founders in tech and healthcare), the Innovation Gap Fund (a Business Oregon program managed by Elevate for bioscience, cleantech, and natural resources with $50k-$250k investments), and the SSBCI Venture Direct Program (state-backed funding for Oregon startups). Fund III was launched in 2025 with a $50M target. The firm also provides mentorship and support to portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Inclusive Fund Pre-seed and seed-stage venture capital fund deploying $25k-$100k equity investments into women, minority, and veteran-founded startups in the Portland, Oregon Metro region, combined with mentorship and ecosystem support.
• Capital Fund II National-scope pre-seed, seed, and Series A venture capital fund deploying $100k-$2M equity investments into startups founded by underrepresented minorities (women, BIPOC, LGBTQ+, veterans) in technology and healthcare.
• Innovation Gap Fund Pre-seed venture capital fund managed by Elevate Capital on behalf of Business Oregon, deploying $50k-$250k investments into Oregon-based startups in bioscience, cleantech, advanced materials, and natural resources.
• SSBCI Venture Direct Program State-backed venture capital program managed by Elevate Capital on behalf of Business Oregon under the federal SSBCI, deploying $250,000-$500,000 per Oregon-based startup with matching private capital requirements.
• Fund III Elevate Capital's third fund vehicle announced November 2025 with a $50 million fundraising target to continue deploying capital into underrepresented founders nationally.

Quantifiable outcome

• 70%+ of portfolio founders from underserved populations (women, minorities, veterans, LGBTQ+)
• +4 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered minor and core.

• LaSalle Investment ManagementminorStrategic or Co-development Partner · 19 January 2026Joint venture with LaSalle Investment Management to acquire Merchant Road property (Raffles Education Square) for S$121.8 million as part of Raffles Education asset sale
• Business OregoncoreStrategic or Co-development Partner · 14 January 2026Selected by Business Oregon to manage the venture capital component of the federal State Small Business Credit Initiative (SSBCI). Building on strong performance managing the state's Innovation Gap Funds I & II and deep roots in Oregon's entrepreneurial ecosystem. Deployed $1.6M into five Oregon startups through Oregon's Venture Direct program.
• TiE OregoncoreStrategic or Co-development Partner · 1 January 2018Long-standing partnership with TiE Oregon, a nonprofit focused on developing the entrepreneur ecosystem through mentorship and investment. Elevate Capital Founder Nitin Rai was founding charter member and president of TiE Oregon. Co-investment syndicate includes TiE Oregon Angels.
• TiE GlobalcoreStrategic or Co-development Partner · 1 January 2018Partnership with TiE Global for access to global entrepreneur network, investor connections, and cross-border investment opportunities. Includes TiE Global Angels for co-investment.
• OTRADI (Oregon Translational Research and Development Institute)minorStrategic or Co-development PartnerOregon startup ecosystem partner organization supporting life sciences and technology commercialization in Oregon
• OBI (Oregon Bioscience Association)minorStrategic or Co-development PartnerOregon bioscience industry association partner supporting biotech entrepreneurs and ecosystem development
• Prosper PortlandminorStrategic or Co-development PartnerPortland development organization providing resources and support for minority entrepreneurs and local business development

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Backstage Capital: Diversity-focused VC fund targeting underrepresented founders (women, people of color, LGBTQ+). Operates multiple fund vehicles and accelerator programs with similar investment thesis to Elevate Capital.
• MaC Venture Capital: Diversity-focused seed and Series A VC firm investing in founders of color and women-led startups. Operates multiple funds with similar inclusive investing thesis and check sizes comparable to Elevate Capital.
• BBG Ventures: Early-stage VC firm exclusively focused on female founders, investing in consumer, enterprise, and health tech. Shares Elevate's mission-driven focus on underrepresented founders with similar seed-stage check sizes.
• Pipeline Angels: Network of angel investors focused on funding women and non-binary founders, including via the Founders' Co-op bootcamp. Comparable to Elevate's Inclusive Fund as both target underserved early-stage entrepreneurs with smaller check sizes.
• Zeal Capital Partners: Early-stage venture fund investing in underrepresented founders across the US. Comparable to Elevate Capital in mission focus, fund architecture, and pre-seed to Series A check size range.
• SoGal Ventures: Diverse-owned VC fund investing in the future of how we live, work, and stay healthy, with explicit focus on women and diverse founders. Shares Elevate's inclusive investing thesis across multiple fund vehicles.
• Female Founders Fund: Early-stage venture fund investing in female-founded companies across consumer, enterprise, and health tech. Closely comparable mission focus to Elevate Capital's women-founder emphasis.

Regional players

• Madrona Venture Group: Pacific Northwest-based venture capital firm investing in early-stage technology companies in the Seattle region. Geographic overlap with Elevate Capital's Pacific Northwest focus, though at materially larger fund sizes.
• Voyager Capital: Pacific Northwest-focused venture capital firm investing in early-stage technology companies in the Seattle and Portland regions. Direct geographic overlap with Elevate Capital's Inclusive Fund and Innovation Gap Fund focus areas.

Broad incumbents

• Obvious Ventures: Impact-focused venture firm investing in world-positive companies across multiple sectors. Comparable to Elevate Capital as a values-aligned VC, though operating at significantly larger fund sizes and broader stage range.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCMT2PZoUlpPlYuh1jnCmZXg
• Facebookfacebook.com/Elevatevc
• LinkedInlinkedin.com/company/elevate-capital-fund
• Instagraminstagram.com/pdxelevatevc
• Xx.com/pdxelevatevc

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments64 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elevate Capital