2025-11-17T16:51:58+00:00 2024-12-31 350921680 CROWE LLP 4801 Olympia Park Plaza Suite 4000 Louisville KY 402412098 990 2024-01-01 274118692 Elevate Ventures Inc ELEV 3179751901 1 Virginia Avenue 200 Indianapolis IN 46204 Christopher Day CHIEF EXECUTIVE OFFICER 2025-11-17 true Rachel Spurlock P00520729 5023263996 2025-11-17 2024 2025-03-06 01:10:19Z X Christopher Day 1 Virginia Avenue 200 Indianapolis IN 46204 9244659 false X www.elevateventures.com X 2010 IN Elevate Ventures' mission is growing the state's economy, driving economic development, helping businesses launch, grow and locate in the State of Indiana. We increase the amount of capital available to Indiana startup and early stage innovation driven companies to spur economic development through growth, research and development. IEDC has contracted with Elevate Ventures since 2011 to carry out the required tasks associated with making direct investments in private Indiana companies and the associated programming and technical support required to build a sufficient pipeline of investable companies and to support Indiana's entrepreneurial ecosystem. 8 6 33 8 0 1382264 1047808 8338251 7916756 235897 273244 4339 5748 9960751 9243556 1705970 903708 0 0 5123440 5336136 0 0 9934 4791674 4580994 11621084 10820838 -1660333 -1577282 11990431 28187603 2378013 5009827 9612418 23177776 Elevate Ventures' mission is growing the state's economy, driving economic development, helping businesses launch, grow and locate in the State of Indiana. We increase the amount of capital available to Indiana startup and early stage innovation driven companies to spur economic development through growth, research and development. IEDC has contracted with Elevate Ventures since 2011 to carry out the required tasks associated with making direct investments in private Indiana companies and the associated programming and technical support required to build a sufficient pipeline of investable companies and to support Indiana's entrepreneurial ecosystem. false false 7738118 903708 7917034 In 2024, Elevate Ventures furthered its mission with the mantra 'Committed Beyond Capital'. We are a venture development organization which means we execute both venture development and venture capital initiatives. Our focus is supporting and helping to grow the entrepreneurial ecosystem throughout the entire State of Indiana. Our strategic initiatives are centered on helping businesses launch, grow, and locate in the state by leveraging modern expectations and technology. We achieved this through multiple initiatives including education, programming, workshops, events, networking, mentoring, coaching, direct capital deployment and post investment value add solutions. We completed a three phase strategy this year that included (1) Digital Transformation, (2) Physical Transformation and (3) Operational Transformation. At a high level, we modernized Elevate Ventures to position for how we best serve the State of Indiana's entrepreneurial ecosystem for the next 25 years. This involved retooling the organization, structuring 2tb of deal data and locating to a geographic area that is more accessible to the statewide ecosystem. The Digital Transformation included several areas of transformation. The first step was redesigning the web presence foundation. The new website prominently shares the portfolio and highlights success stories of founders that we serve. In addition, it serves as a repository of best practices and resources for anyone to access as they think about starting and growing a business. Secondly, we created a portal for our Operating Partners to streamline how they engage with us through their service on the boards, or as observers, for the portfolio companies in which we have a seat. Finally, these improved digital capabilities help us to better spread the word across the globe about the incredible assets, startup community and entrepreneurial ecosystem that exists in Indiana. The Physical Transformation enabled multiple points of value we can now provide for the ecosystem. We relocated to downtown Indianapolis which is more accessible for all stakeholders. The new headquarters location allows for those frequently traveling through the capital city to have a place to call home through our new memberships, provides space for events that are walkable to downtown places of interest and opens the opportunity for partners and founders to physically collaborate and work together. This space not only allows for better statewide connectivity but now provides a platform where stakeholders across the state can more easily engage with those across the globe when they come to visit for the many major events such as the WNBA All-Star weekend. The Operational Transformation is a massive initiative in which the first step is structuring over 2tb of deal data. Our end goal is to be able to leverage this data with modern AI tools and unlock value to not only founders but the ecosystem at large. As of the end of 2024, we completed approximately 80% of this effort with the expectation that the core foundation will be in place by the end of 2025. This project will enable many capabilities as AI continues to proliferate. Not only will we be able to analyze data in a more automated fashion but we believe we will be able to leverage data in ways not yet even imagined with what we believe is one of the world's largest first-party, early-stage, private company databases. As an overlay to the above strategy rollout, we were able to launch Elevate+, which consists of robust post investment value add. Over the last 14 years, education and venture development have been the major parallel thrust as the organization grew with the ecosystem. These are still critical components but now that the portfolio has grown to nearly 400 companies, we must add post investment value add services. The two most critical elements for any company to be successful are talent and capital. Assisting portfolio companies with filling critical talent is a major pillar of this program. In addition, we have added more hands-on coaching during capital raises, bridge rounds, restructuring, investor syndication, toolkit and more. As evidenced by our #1 ranking in PitchBook League Tables as the most active early stage investor in the Great Lakes Region for the seventh consecutive year, we invested a significant amount of capital with one deal approximately every 2.8 days. We invest at the pre seed, seed and early stages and had a total of 103 capital commitments for $18.96M. We focus on four key sectors including software, life sciences, hardtech and consumer products. Since our founding in 2011, we have invested over $180M in 602 startups and an additional $14M in the form of grant and voucher programs, demonstrating a long-term dedication to Indiana's economic growth. We also had year 2 of Rally, where global innovation convenes. We launched Rally in 2023 as a cross-sector conference to put Indiana prominently on the global stage as a place to consider for starting, relocating or expanding your business. In addition, it enables the showcasing of many Indiana business assets, lifestyle, cost of living and our natural resources. In the first two years, nearly 7,000 people have come from 25 countries, 39 states, 5 Canadian Provinces, 297 VC's representing $27B in AUM, nearly 22M media impressions and 89% of attendees stating they want to come back. As a result, multiple people and companies have chosen Indiana as their new home. Our vision is for Indiana to be known as the Innovation Capital of the World. We were able to get this into two organic spots on Google and even show up in the AI sidebar overview from time to time. 7738118 true true false true false false false false false false true false false true true true false true false false false false false false false false false true false true false false false false false false false false false false true false false false true true true false false false true 62 0 true 33 true false false false false false true true false false false false false false X 8 6 true false true false false false false true false false false false true true true true true true true true false false IN X Chris Huxhold 3172520258 1 Virginia Avenue Suite 200 Indianapolis IN 46204 Christopher Day Chief Executive Officer 6.0 34.0 X X 449218 0 30910 Phillip Lodato GENERAL COUNSEL, CHIEF COMPLIANCE OFFICER, AND SECRETARY 4.0 36.0 X X 297552 0 10979 Robert Myer Board Chair 1.0 X X 0 0 0 Barbie Wentworth Board Member 1.0 X 0 0 0 Don Densborn Board Member 1.0 X 0 0 0 John Sampson Board Member 1.0 X 0 0 0 Larry Garatoni Board Member 1.0 X 0 0 0 Steve Martin Board Member 1.0 X 0 0 0 Christopher Huxhold VP Finance and Treasurer Starting April 2024 6.0 34.0 X 149992 0 10650 Matthew Tyner Managing Partner 6.0 34.0 X 384233 0 48911 Asa Kelly Vice President, Systems and IT 4.0 36.0 X 223006 0 28741 Erica Schweyer Chief of Staff 6.0 34.0 X 264435 0 34035 Jacob Schpok Partner 6.0 34.0 X 259156 0 42089 Myles Grote Partner 4.0 36.0 X 241203 0 17868 Nicholas Kuhn Vice President 0.0 40.0 X 181404 0 8013 BARBARA UGGEN-DAVIS FORMER CHIEF FINANCIAL OFFICER 0.0 X 101828 0 0 2552027 0 232196 18 true true false Taft Stettinius Hollister Llp One Indiana Square Suite 3500 Indianapolis IN 46204 Legal services 200275 RJE Business Interiors Inc 621 E Ohio St Indianapolis IN 46202 Construction Services 167402 EnvelopiQ LLC 905 N Capitol Ave Indianapolis IN 46204 Construction Services 156546 IBJ Media One Monument Circle Suite 300 Indianapolis IN 46204 Advertising services 144736 Sourwine Company LLC 8395 Keystone Crossing Suite 205 Indianapolis IN 46240 Real Estate Services 127141 6 400137 647671 80000 1047808 IEDC STATE CONTRACTS 900099 6500004 6500004 RALLY INNOVATION CONFERENCE 900099 1373002 1373002 Management Fees 900099 43750 43750 0 0 0 0 7916756 273244 273244 1425 1425 0 1425 1425 0 0 5148 1103 4045 4045 Event Revenue 900099 278 278 0 0 0 0 278 9243556 7917034 0 278714 903708 903708 1382445 893887 488116 442 3373673 2181413 1191181 1079 96467 62375 34061 31 185142 119713 65370 59 298409 192951 105363 95 40858 203 40655 137429 78394 59035 590818 386872 203946 0 491772 191554 300218 54813 2509 52304 343045 186968 156077 214777 87651 127126 322933 215651 99301 7981 48366 12664 35697 5 108959 74562 34397 61552 61310 242 Events And Direct Regional Operations 2116914 2069162 47752 Furnitures and Fixtures 17365 5217 12148 Memberships, Dues and Subscriptions 14483 2580 11903 Operating Expense 8750 3125 5625 8160 5649 2511 0 10820838 7738118 3072786 9934 2624824 481895 2284784 1674708 10000 10000 1228884 710672 0 0 0 0 88397 94397 6202 7306 75053 156094 1186991 250658 55505 936333 3450621 3863698 0 0 0 0 2166161 20252500 11990431 28187603 982775 1138929 0 0 1332769 964330 0 0 0 0 0 0 0 0 0 0 62469 2906568 2378013 5009827 X 8460017 22649650 1152401 528126 9612418 23177776 11990431 28187603 X -1577282 -18555 15445645 -284450 X false true true false X 1305276 2010945 1730283 1382264 1047808 7476576 0 0 0 0 0 0 0 0 0 0 0 0 1305276 2010945 1730283 1382264 1047808 7476576 311745 7164831 114310 95642 174088 337863 274669 996572 0 537 0 0 0 537 67986 104578 40001 0 278 212843 8686528 29555603 0.82482 0.80797 X Schedule A, Part II, Line 10 Other Income DESCRIPTION - MISCELLANEOUS INCOME, COLUMN A - 67986.0, COLUMN B - 45565.0, COLUMN C - 0.0, COLUMN D - 0.0, COLUMN E - 0.0, COLUMN F - 113551.0; DESCRIPTION - EVENT REGISTRATION, COLUMN A - 0.0, COLUMN B - 59013.0, COLUMN C - 40001.0, COLUMN D - 0.0, COLUMN E - 278.0, COLUMN F - 99292.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false false true 7836 7836 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY ANNUAL MEMBERSHIP DUES OF $7,460 and $1,000 WERE PAID TO THE INDIANA CHAMBER OF COMMERCE and the Indiana Technology & Innovation Association, respectively, OF WHICH A PORTION IS FOR LOBBYING ACTIVITIES. 455422 28033 427389 731569 222625 508944 936333 Accrued Interest Income Right-of-Use Asset 2821777 Due from related party 184931 INVESTMENT IN INDIANA 21ST CENTURY FUND, LP 17020237 INVESTMENT IN CARESOURCE DIVERSITY & SOCIAL IMPACT INVESTMENT FUND, LLC 225555 20252500 Federal Income Taxes Right-of-Use Liability 2906568 2906568 X 9060551 -18555 120000 -284450 -183005 9243556 0 0 9243556 10940838 120000 0 120000 10820838 0 0 10820838 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Internal Revenue Service has determined that Elevate is a tax-exempt organization as defined in Section 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxes on related income. Elevate is not considered to be a private foundation. Current accounting standards require Elevate to disclose the amount of potential benefit or obligation to be realized as a result of an examination performed by a taxing authority. For the years ended December 31, 2024 and 2023, management has determined that Elevate does not have any tax positions that result in any uncertainties regarding the possible impact on Elevate's financial statements. Elevate does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. Elevate recognizes interest and/or penalties related to income tax matters in income tax expense. Elevate did not have any amounts accrued for interest and penalties at December 31, 2024 and 2023. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 LOSS ON INVESTMENT IN INDIANA 21ST CENTURY FUND, LP - -510005 GAIN ON INVESTMENT IN CARESOURCE DIVERSITY & SOCIAL IMPACT INVESTMENT FUND, LLC - 225555 true Circular 318 Main Street 101 Evansville IN 47708 862659043 501(c)(3) 248019 Direct Regional Grants Northeast Indiana Regional Partnership Inc 200 East Main Street Suite 910 Fort Wayne IN 46802 351984702 501(c)(3) 329849 Direct Regional Grants Render PBC 825 E Market Street Suite 201 Louisville KY 40206 871089643 30875 Direct Regional Grants Indiana University Research PO Box 78000 Dept 78867 Detroit MI 48278 356001673 501(c)(3) 66096 Innovation Voucher Purdue University 2550 Northwestern Avenue Suite 1120 WEST LAFAYETTE IN 47906 356002041 501(c)(3) 19882 Innovation Voucher Rose-Hulman Institute of Technology 5500 Wabash Avenue Office of Institutional Advancement Terre Haute IN 47803 350868149 501(c)(3) 145150 Innovation Voucher University of Evansville 1800 Lincoln Avenue Evansville IN 47722 350868074 501(c)(3) 8000 Nexus Higher Education Grants Amplified Sciences Inc 3000 KENT AVE SUITE 1950 WEST LAFAYETTE IN 47906 812008087 50000 SBIR/STTR 6 2 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds Grants listed on Schedule I reflect a number of different grant programs designed to support high-growth Indiana companies and make capital more accessible to Indiana entrepreneurs in alignment with Elevate Venture's exempt mission. The grant programs include the INNOVATION VOUCHER PROGRAM, SBIR PHASE 1 GRANTS, DIRECT REGIONAL GRANTS, Elevate Nexus Higher Education Grant Program and Elevate Nexus Entrepreneurship Support Organization Grant Program. The organization maintains records of each grantee and the selection criteria used to award such assistance. All grant agreements outline that any unused funds should be returned to Elevate Ventures. Depending on the grant program, grantees are required to make regular reporting to Elevate, including monthly progress reports regarding the use of funds and progress to project completion; quarterly financial statements and reports summarizing Grantee's technology development, business development, and other indicators of economic impact; or Semi-annual progress reports detailing the timeline, challenges and mitigation, next steps, success stories, any assistance needed from Elevate, and press opportunities. In addition, Elevate Ventures may periodically carry out the Monitoring Reviews and on-site monitoring reviews. X X X X X true false false false false false false true false Christopher Day Chief Executive Officer 323485 0 125000 0 733 0 13800 0 17110 0 480128 0 0 0 Phillip Lodato GENERAL COUNSEL, CHIEF COMPLIANCE OFFICER, AND SECRETARY 231200 0 66000 0 352 0 8868 0 2111 0 308531 0 0 0 BARBARA UGGEN-DAVIS FORMER CHIEF FINANCIAL OFFICER 0 0 0 0 101828 0 0 0 0 0 101828 0 0 0 Matthew Tyner Managing Partner 308946 0 75000 0 287 0 12509 0 36402 0 433144 0 0 0 Christopher Huxhold VP Finance and Treasurer Starting April 2024 149858 0 0 0 134 0 4028 0 6622 0 160642 0 0 0 Erica Schweyer Chief of Staff 204245 0 60000 0 190 0 8095 0 25940 0 298470 0 0 0 Jacob Schpok Partner 198945 0 60000 0 211 0 10849 0 31240 0 301245 0 0 0 Myles Grote Partner 224700 0 16274 0 229 0 8674 0 9194 0 259071 0 0 0 Asa Kelly Vice President, Systems and IT 212805 0 10011 0 190 0 8563 0 20178 0 251747 0 0 0 Nicholas Kuhn Vice President 148700 0 32500 0 204 0 5948 0 2065 0 189417 0 0 0 Schedule J, Part I, Line 4a Severance or change-of-control payment DURING CALENDAR YEAR 2024, BARBARA UGGEN-DAVIS, FORMER CHIEF FINANCIAL OFFICER, RECEIVED SEVERANCE FROM THE ORGANIZATION TOTALING $101,828. Schedule J, Part I, Line 7 Non-fixed payments The organization provided non-fixed payments during 2024 in the form of performance-based incentive compensation and discretionary bonuses. Each eligible employee has a maximum potential bonus rate determined by position and compensation level, with actual amounts based on performance evaluations and achievement of goals. In addition, spot bonuses were awarded to certain employees for exceptional, short-term contributions, such as completion of special projects. These ad hoc payments are discretionary, contingent on specific accomplishments, and individually approved by the CEO. All non-fixed bonus activity requires documentation of performance achievements or objectives, approval by the CEO prior to payment, and in the case of the CEO, Compensation Committee and Board approval. Supporting documentation is retained in the organization's files. X Furniture 2 65000 Market value X Merchandise 1 15000 Market value 0 false false false Schedule M, Part I Explanations of reporting method for number of contributions Other - Furniture number of contributions Other - Merchandise number of contributions Form 990, Part VI, Line 2 Family/business relationships amongst interested persons CHRISTOPHER DAY, MATTHEW TYNER, PHILLIP LODATO, CHRISTOPHER HUXHOLD - Business relationship Form 990, Part VI, Line 4 Significant changes to organizational documents During the year, the Bylaws were amended. The amendments reduced the range of the Board of Directors from a range of 4-12 members to 5-9 members. The amendments also increased certain voting thresholds to require a supermajority (75%) of the Board for election, removal, and amendment actions. These changes modify the composition, authority, and voting requirements of the governing body and officers. Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON THE BEHALF OF THE GOVERNING BODY. Form 990, Part VI, Line 11b Review of form 990 by governing body The draft of the Form 990 was reviewed in detail by the VP Finance, Managing Partner and CEO. The final draft was then distributed to the Audit Committee for their review on November 14, 2025 prior to the electronic filing. The 990 is also shared with the full Board of Directors. Form 990, Part VI, Line 12c Conflict of interest policy The Compliance Officer has been appointed by the Board to review disclosure statements and ensure compliance with the Conflict-of-Interest policy. Additionally, each board member, officer and employee are required to disclose actual and potential conflicts of interest in advance of the completion of the organization's investment transactions through Elevate and its subsidiary entities. If there are conflicts of interest that arise that are not related to the organization's investment activities, the Board members and staff must disclose the conflict or potential conflict to the Compliance Officer and abstain from any decision-making as it pertains to the conflicts. Form 990, Part VI, Line 15a Process to establish compensation of top management official The Compensation Committee engages outside compensation consultants from time to time to review the CEO compensation package, evaluate appropriateness, and compare compensation for similarly qualified persons at similar organizations. The last study was conducted in December 2022. Annually, the compensation package of the CEO is reviewed by the organization's independent Compensation Committee and is then reported to the Board of Directors for approval. Any board member with a conflict of interest is not involved in the deliberations or approval. The salary, bonus and approval review process is documented by the Compensation Committee. Form 990, Part VI, Line 15b Process to establish compensation of other employees The CEO has the authority to hire and establish initial and ongoing compensation of other officers, key employees and staff. The Board reviews the compensation, including a review of comparability data, and approves the compensation annually as a part of the company budget approval process. The Board is made aware of staff salaries, bonuses, and benefits on an annual basis. In addition, as part of the internal audit process any payroll changes are provided to audit chair by the third party (Milestone) on a monthly basis and results of the review are reported to full audit committee on quarterly basis. Form 990, Part VI, Line 19 Required documents available to the public Financial statements, governing documents, and conflict of interest policies are not required disclosures pursuant to internal revenue code (IRC) Section 6104. These documents are not available to the public at this time. Form 990, Part XI, Line 9 Other changes in net assets or fund balances LOSS ON INVESTMENT IN INDIANA 21ST CENTURY FUND, LP - -510005; GAIN ON INVESTMENT IN CARESOURCE DIVERSITY & SOCIAL IMPACT INVESTMENT FUND, LLC - 225555; Total - -284450; ELEVATE ADVISORS LLC 1 VIRGINIA AVENUE SUITE 200 INDIANAPOLIS IN 46204 900906210 GENERAL PARTNER DE -423443 1497231 ELEVATE VENTURES INC Leighton Elevate Angel Development Fund LLC 1 VIRGINIA AVENUE SUITE 200 INDIANAPOLIS IN 46204 861187400 INVESTMENT FUND IN 7728 860741 ELEVATE VENTURES INC Rally Innovation LLC 1 VIRGINIA AVENUE SUITE 200 Indianapolis IN 46240 921256608 Innovation Conference IN 2035159 85343 ELEVATE VENTURES INC INDIANA 21ST CENTURY FUND LP 1 VIRGINIA AVENUE SUITE 200 INDIANAPOLIS IN 46204 453126479 INVESTMENT FUND DE ELEVATE ADVISORS LLC Excluded -2328934 8234754 false -229751 false 0.55 CARESOURCE DIVERSITY & SOCIAL IMPACT INVESTMENT FUND LLC 1 VIRGINIA AVENUE SUITE 200 INDIANAPOLIS IN 46204 871811106 INVESTMENT FUND DE ELEVATE ADVISORS LLC Excluded false 0 true 0.06572 21 Fund Growth LLC 1 Virginia Avenue Suite 200 Indianapolis IN 46204 332135719 INVESTMENT ACTIVITY DE Na C Corporation false Elevate Ventures Fund Family LLC 1 Virginia Avenue Suite 200 Indianapolis IN 46204 332187196 INVESTMENT ACTIVITY DE ELEVATE VENTURES INC C Corporation 0 0 1 true false false false false false false false false false false false true false true true true true true true