Canopy announces selection of Elevate Capital as a new fund manager for Canopy CAPITAL program – a strategy focused on diversity and inclusion in the Pacific Northwest
Findings surfaced through the new 2016 Pacific Northwest Capital Scan research indicate there remains a large financing gap for entrepreneurs seeking seed and early-stage investment capital to grow their businesses in the Pacific Northwest. Throughout the region, entrepreneurs struggle to raise financing rounds of less than $1 million – many resident venture capital funds tend to make investments later in a company’s growth cycle, so entrepreneurs are left scrambling for capital and other resources as they move out of their launch phase.
This early-stage financing gap is a challenge, but thankfully we’ve seen it narrowing over time as investors step up to fill it. Yet there are a few other trends in the venture capital ecosystem in the Pacific Northwest that are still not being addressed. The first relates to who gets funded – throughout the ecosystem, minority entrepreneurs have been left behind. The second relates to where funding goes: companies in Portland and Seattle have an easier time accessing capital, while regional communities (think the Willamette Valley, central Oregon, southern Oregon and SW Washington) often do not. The third relates to what gets funded: there is a bounty of investment capital flowing to tech-related start-ups, while entrepreneurs in non-tech sectors, such as food and apparel, have to work harder to find appropriate funding sources.
“Elevate Capital is honored to be selected by Canopy as the new Fund Manager for the Canopy CAPITAL Program,” said Nitin Rai, Managing Director of Elevate Capital.
“The mission of Elevate Capital Fund and Elevate Inclusive Fund completely aligns with Canopy’s strategy and we look forward to this partnership to help us fill investment gaps in the region”.
Elevate Capital, a Portland Oregon-based investment fund manager, is raising its first fund to address these four capital gaps. This investment strategy, in tandem with a deep commitment to stimulating entrepreneurial activity, mentoring talent, investing in the region and supporting minority entrepreneurs in their selection process, makes Elevate Capital an appealing choice for a new partnership with Canopy. As Canopy’s President Craig Muska points out, “their intentional focus on diversity differentiates Elevate from other managers in the investment industry—a sector that systemically lacks support for leadership among minorities and women. The issue of inclusion is a priority for Canopy’s founding members.”
We’re excited to announce a new relationship with Elevate Capital through our Canopy CAPITAL program. Like the first three regional funds we’ve worked with, Canopy will provide mentorship resources for the fund’s management team, as well as investment research for our members to promote capital flow to the fund. We believe our unique approach to training and investment research will add value to Elevate Capital.
For more information on Elevate, visit: www.elevate.vc or email Nitin Rai, Managing Director : firstname.lastname@example.org