South Bend-based nonprofit The Judd Leighton Foundation says it has created a new capital investment fund, which is aimed at helping early-stage startups in northern Indiana. The organization says the Leighton Elevate Angel Development Fund is in partnership with Indianapolis-based Elevate Ventures.
The program is supported by the South Bend – Elkhart Regional Partnership.
The foundation says the LEAD fund totals $1 million. It will make investments ranging from $50,000 to $200,000. The fund requires a co-investment, meaning at least 50% of the total investment comes from another source.
“Innovation is at the heart of any thriving community. And for our region to succeed we need to continue to foster an attractive entrepreneurial ecosystem,” said Jim Keenan, president of the Judd Leighton Foundation. “Our hope is that through the LEAD Fund we will be able to attract more early-stage capital to invest alongside us so that we can continue to retain more of these exciting new ideas and talent in our region.”
Eligible startups must be located in Elkhart, Marshall, or St. Joseph counties.
Recipients of the funding will be classified as an Elevate Ventures portfolio company.