About
Indiana Angel Network Fund III (IANF III) is a state-backed angel investment vehicle managed by Elevate Ventures, a nonprofit venture development organization headquartered in Indianapolis. Established to deploy capital from the State Small Business Credit Initiative (SSBCI) program—reauthorized through the American Rescue Plan Act of 2021 and administered by the U.S. Treasury—IANF III operates under the statutory authority of Indiana's Twenty-First Century Research and Technology Fund. The fund's core mission centers on stimulating technology-based economic development across Indiana by facilitating co-investment partnerships between angel investors, institutional capital providers, and founders. Elevate Ventures, founded in 2011, manages the vehicle through Indiana Angel Network Fund LLC and focuses investment activities on software, life sciences, and hardtech sectors. The organization operates as a deal-flow and due-diligence sharing platform, enabling individual angels and larger institutional investors to participate in syndicated rounds while reducing information asymmetry and investment friction. By design, IANF III channels state-administered capital into early and growth-stage companies with Indiana connections, creating a structured pathway for both accredited and institutional investors to access curated deal flow while providing founders access to experienced angel networks, mentorship resources, and follow-on capital coordination. The fund's structure reflects a collaborative model where participating investors benefit from shared due diligence, co-investment opportunities, and network effects, while portfolio companies gain access to capital alongside operational guidance from seasoned entrepreneurs and industry specialists within the Indiana ecosystem.