Elevate Capital
No summary available yet.
This is one of the few diversity-focused funds that actually delivers returns - Fund I has returned 125% of invested capital with a 22% IRR, putting it just shy of top quartile performance for 2016 vintage funds under $100M. Nitin Rai gets genuinely hands-on as an immigrant entrepreneur himself, and founders consistently praise his deep engagement beyond just board meetings. The Oregon ecosystem has its challenges - the state attracts 10x less capital than Washington despite having half the population, and recent IPO disasters like Vacasa and Expensify haven't helped the region's reputation. But Elevate's thesis is working: over 62% of their Fund II investments were women-led, 67% founders of color, and they're genuinely creating access where traditional VCs won't go. The public-private partnership model with Oregon gives them patient capital that most VCs don't have, letting them take bigger bets on underrepresented founders.
- —Best for: Underrepresented founders in tech/healthcare who need hands-on mentorship
- —Watch out for: Oregon ecosystem limitations and slower follow-on funding environment
- —Known for: Actual returns on diversity thesis and deep founder support post-investment
Elevate Capital Fund II invests nationally in scalable start-ups primarily founded by underrepresented minority founders, including Women, People of Color (BIPOC), LGBTQ+, and Veterans in technology and health care. The firm's core thesis is that there is a tremendous opportunity gap in venture capital access for women, ethnic minorities, LGBTQ+, and veterans—populations that are both dramatically underrepresented in founder demographics and overlooked by traditional VC. They provide not just capital, but comprehensive mentorship and operational support, believing that combining venture funding with deep mentorship can unlock exceptional value in this previously underserved market.
Primarily invests in Pre-Seed and Seed stage companies, actively leading rounds and maintaining board seats or observer positions in most Fund II investments. Pre-seed and seed stage startups providing $25k to $100k in capital for regional companies, and $100k to $2 million nationally for scalable startups founded by underrepresented minorities, primarily in technology and healthcare sectors. Also manages Oregon's Innovation Gap Fund focusing on bioscience, cleantech, advanced materials, and natural resources for early-stage research-driven innovation.
Serial entrepreneur who came to Oregon as a Software Engineer at Mentor Graphics after working at three Silicon Valley and Seattle startups. Founded First Insight Corporation in 1994, raising $20 million and later buying back investor shares in 2010. Built and ran his own healthcare software company for over two decades, giving him an operator's perspective that shapes how he mentors founders with a hands-on, co-founder-like style.
Neuroscientist-turned-investor who uses a data-driven approach to identify and recommend investment opportunities. Recently promoted to Partner in February 2026 after eight years at Elevate, overseeing investments across expanding funds and mentoring founders. Known for his collaborative approach and has been a cornerstone of Oregon's startup community through involvement with TiE Oregon Angels and TiE Global Angels for over a decade.
Venture Partner spending most of his time at Elevate Capital with over 30 years of experience leading product development teams at companies like Microsoft, UiPath, and Philips Electronics. In his 15 years at Microsoft, contributed to development of Azure, SQL Server, Windows Phone, Power BI, Microsoft Store and Hololens.
Have a specific question about Elevate Capital?
Ask Bernie →