Startup South Bend-Elkhart 2022 Annual Report

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COMMUNITY. CAPITAL. ACCELERATION.

As the most active venture capital firm in the Great Lakes region since 2017, Elevate experienced another record-breaking year in 2022 with 128 transactions totaling $22.8M.

One of our goals is for Elevate Ventures to be seen as an investor that not only provides critical capital for new company starts, but also attracts talent, increases jobs and adds post-investment value to grow more billion-dollar brands in Indiana. This goal goes hand in hand with Indiana’s potential to become the Innovation Capital of the World™. To drive our state closer to this vision, Elevate Ventures is focused on three areas:

• Community: Build Collaborative Communities

• Capital: Invest in High-Potential Companies

• Acceleration: Provide World-Class Go-To-Market Value

Venture funding has been huge for VitalView. We raised $1.6M in our first seed round in 2021, so in 2022 we were able to partner with a large, reputable research organization to gain a human proof of concept for our healthmonitoring technology. Now we’re preparing to raise an even larger funding round to take the company to the next level. That initial funding made this progress possible. One of the things that excites me about being in Indiana is what the future holds. Healthcare, life sciences and manufacturing are high-impact sectors in Indiana’s GDP. This aligns very well with a lot of the underlying technology that startups can be formed around, whether they come out of Notre Dame or elsewhere.

In 2022, Elevate invested a total of through 21 transactions in North Central Indiana companies leveraging an additional from additional outside capital sources.

$2.1M $12.9 M $12.5 M $79.2 M

When combined with previous years, Elevate has invested a total of and leveraged a total since 2011.

Companies that received investment from Elevate employ a total of have a combined average salary of and have an estimated total annual payroll of $49.7M.

568 PEOPLE $88K

BEND
SOUTH
2022 REPORT

HIGHLIGHTS FROM 2022

Fully Committed initial tranche of

LEAD funding

to 9 companies

BOARD MEMBERS

SUSAN FORD

Semma Health

LARRY GARATONI

HQ Investments

IRIS HAMMEL RISE

BETHANY HARTLEY

South Bend-Elkhart

Regional Partnership

NICHOLAS KUHN

Elevate Ventures

GARY NEIDIG ITAMCO

KELLEY RICH

Interim VP of Innovation ND

PHIL SMOKER

Smoker Craft

Recorded first episodes of

Rooted and Reaching

the SBE founder podcast!

November 16th was The 2nd Annual

Founder Factory

celebrating Global Entrepreneurship Week.

Participated and supported nearly

30 events throughout the year!

OpStart prioritized efficiency and scalability above all else in 2022. As a tech-enabled service, our goal was to refine our technology and processes to achieve higher gross margins and allow our business to scale more seamlessly. A seed round from Elevate and other top-tier investors allowed us to bring on an engineering and product team that has substantially improved our efficiency and expanded our team’s capacity to service more customers. This is clearly seen in OpStart’s gross margin, which has improved by about 15 percentage points over the course of 2022.

OpStart

SOUTH BEND

Scan the QR Code to learn why Indiana is primed to be the Innovation Capital of the World™

2022 REPORT
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