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. We 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.
A Ripple Effect: Creating Generational Wealth
Elevate Capital’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.
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%
The Vision and Inspiration Behind Elevate Capital
Founder and Managing Partner Nitin Rai launched Elevate Capital in 2016 with a clear goal: to close the funding gap for underserved entrepreneurs. As a successful founder of First Insight Corporation (an AI-powered eye care software company founded in 1994), Nitin knew firsthand the barriers that diverse entrepreneurs face. He set out to build a venture capital fund that would change the narrative.
“In 2014, as President of TiE Oregon, I was seeking grant funding from Meyer Memorial Trust for TiE. It was there that I was instantly inspired when I met this amazing woman, Rukaiyah Adams, who was the CIO at Meyer Memorial Trust,” said Nitin. “After my pitch, Rukaiyah pulled me aside and said: ‘I want to talk to you about your next career move and to consider launching a venture capital fund.’ Her belief in me invoked a passion, and I knew this was going to be my life’s work.”
In 2016, Meyer Memorial Trust invested $2M in Elevate Capital as its lead institutional investor.
“When I look somebody in the eye and tell them I have money for them, they just light up. It takes the weight away. I am always grateful for these moments when I can help someone begin their path to success. We don’t just elevate companies: we elevate people, purpose, and possibility, said Nitin.
A Hands-on Approach to Founder Engagement
Elevate Capital has earned a reputation among founders for its thoughtful, hands-on approach to engagement, a quality that is often hard to find.
“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.
“As a woman founder building an enterprise SaaS company, having investors who believe in you and consistently challenge you to be better makes all the difference. Elevate Capital delivered on both,” said Ania Rodriguez, JourneyTrack Founder and CEO. “They helped me to be laser-focused on defining our ideal customer profile. As a founder, it’s tempting to chase every opportunity, but they pushed me to be disciplined, focusing on where we could win, scale, and deliver the greatest value.”
“Elevate’s legacy is creating opportunity for people who deserve it and delivering strong outcomes for investors and society. Where Nitin leads with heart and instinct, Ben follows with research, rigor, and a down-to-earth, steady approach that puts any entrepreneur at ease,” said Nat Parker, Founder and CEO, CleanHaus.
First Cohort Investment Exit Secured a Strong ROI
Elevate Capital’s impact as the lead seed investor in 2016 for Responsive (formerly RFPIO) went far beyond the initial investment. Ganesh Shankar, an Indian immigrant and Responsive Co-Founder and CEO, shares how Elevate helped this SaaS company grow beyond capital through connections, visibility, and operational support, culminating in Elevate’s first portfolio exit in 2018.
Long-Term Thinking for Long-Term Survival
“Nitin and his team spent real time with us at a very early stage, helping shape how we operated as a company; not just what we were building but how we were building it. Elevate encourages long-term thinking at a stage when it is easy to optimize only for survival or short-term wins. That included guidance on governance, decision-making, and developing the discipline needed to scale responsibly.”
Hands-on Support Leads to Credibility
“Elevate’s backing gave us credibility when we needed it most to build trust with other investors, early customers, and partners. This opened doors that would have been much harder on our own. The combination of hands-on support and early belief made a meaningful difference in how quickly and confidently we were able to grow the company.”
Acquisition Provides Liquidity to Investors
“Early on, Elevate 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.
When the opportunity came to bring in a minority partner like K1 Investment Management, we were in a position to do it on our terms. That allowed us to provide liquidity to early investors, including Elevate, while staying focused on scaling Responsive for the long term.”
Beyond the Check: From Early-Stage Support to Exit Strategy
Elevate Capital was Garden Bar’s largest investor and played an instrumental role in its growth and acquisition by Evergreens in 2019. Ana Chaud, Founder and CEO of Garden Bar, shares how Elevate supported her in ways that went far beyond the capital invested.
The Impact of Early-Stage Support
“I met Nitin at a time when access to growth capital was almost nonexistent for my industry and business model. Without that early support, I would not have been able to grow and scale the business, let alone be positioned for an acquisition. Elevate Capital understands the real needs and challenges of early-stage startups and consistently supports founders. They did not take a passive role after investing.”
Intentional, Strategic Support System
“Nitin’s openness and his willingness to help with issues both large and small were invaluable. The Elevate team is intentional about creating a support system for portfolio founders, with access to guidance across finance, marketing, and operations. You never felt like you were navigating things alone.”
Positive Support Propels Acquisition
“Elevate Capital helped me assess and analyze the acquisition offer, negotiate certain terms, and think through the best way to execute the sales agreement. Having that perspective and support during such a critical moment was invaluable. Their belief in me is what propelled my business through the exit lane.”
Continuing the Work Elevate Started
“After Garden Bar’s acquisition by Evergreen, I was honored to join Elevate Capital as an Executive Partner to give back and continue the work Nitin started. It matters to me to be part of an organization that consistently shows up for founders in meaningful ways. I will always be a supporter.”
Why the Right Venture Capital Partner Matters
Allie Persitz is a serial entrepreneur and events-technology innovator, best known as the Founder and CEO of Hubb, which was acquired by Intrado Digital Media (now Notified) in 2021. She shares how Elevate Capital helped her grow the company in ways she never thought possible.
Support Extends Beyond Capital
“In the early days at Hubb, Nitin was the cash flow expert on our board and helped me put processes and strategies in place to make the company more sustainable with less risk. His words of encouragement and his availability as my cheerleader made all the difference in my experience.
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.”
A Partnership That Powered a High-Valued Exit
“Growth in a company is never linear, and the lessons we learned from the time we created our first board with Elevate to the time we exited to a company owned by one of the world’s largest private equity firms were immeasurable. Every stage of the business is unique, and being able to adapt to our specific needs and understand our business deeply allowed for a great partnership with Elevate Capital and ultimately a very successful exit for everyone involved.”
Giving Back Through Mentoring Entrepreneurs
‘Early-stage mentorship is one of the most important factors when choosing a partner: someone who is hands-on and helps the company and its leaders grow. Once Hubb exited the Elevate Capital portfolio, I wanted to give back in the same way Elevate had invested in my company and me. I am thrilled to be an Operating Partner at Elevate Capital, where I can support others with early-stage resources and mentoring.”
Looking Ahead to the Next Decade
“The most powerful legacy of Elevate Capital isn’t just in the numbers. Our legacy is 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.”
