Ohio-based CareSource, a nonprofit health plan with a large presence in Indiana, today announced the launch of the CareSource Diversity & Social Impact Investment Fund. The fund is being made possible through a partnership with Indianapolis-based Elevate Ventures, which will manage the fund.
CareSource says it will initially invest $2.5 million in the fund, with individual investments of as much as $250,000.
“CareSource is proud to support the state’s priority of equity, inclusion, and opportunity by investing in diverse entrepreneurial Hoosiers and those seeking to improve health outcomes across the state,” said Steve Smitherman, president of CareSource Indiana. “Removing the barrier of funding will help Hoosiers achieve their dream and add their unique voice to our community.”
According to CareSource, the fund will provide capital for diverse founders and those seeking to improve healthcare outcomes or related social impact. Companies must be high-growth Indiana-based companies launching in technology or select healthcare and life sciences sectors that provide solutions to underserved populations.
“Launching this fund alongside CareSource opens up opportunities for startups developing innovative solutions positively impacting Indiana communities, particularly underserved populations,” said Chris LaMothe, chief executive officer at Elevate Ventures. “With this partnership, we will be able to further our efforts to create an economic environment that supports high-growth businesses across the state.”
CareSource says Elevate Ventures will source and vet companies for consideration and provide investment recommendations to a committee composed of representatives from CareSource, and investment decisions will be made by CareSource.