Elevation Capital announces Fund VIII of $670 million, to accelerate partnering with category-defining early-stage companies
Salt Lake City, May 5, 2022 — We are excited to announce Elevation’s Fund VIII and the first fund since opening our office in Salt Lake City, Utah. Twenty years ago, when Elevation first started investing, it was difficult to imagine the pace at which tech would pervade every sphere of life. We at Elevation feel proud and privileged to bring our expertise to the Utah tech ecosystem and to be an enabler for many transformative founders from the very start of their journeys.
At Elevation, we have played a crucial role in nurturing the earliest of tech entrepreneurs. Over the past two decades, we have invested almost $2 billion of capital in over 150 companies across seven funds, with 13 early-stage investments becoming unicorns.
Elevation hopes to utilize the Utah presence as a gateway for Indian SaaS founders’ GTM strategy. We also believe that our vast and diverse network will be of significant benefit to our growing number of Utah-based portfolio companies.
We have been early investors in multiple category-defining companies. This has given us a front-row seat to seeing incredible, high-impact businesses. These include category leaders across FinTech, Consumer Tech, Marketplaces, and Enterprise SaaS. In our first year focusing on Utah, we have made a handful of Series A-sized investments, including Zeni, Journeyfront, and Plena. We are excited about each of their potential and look forward to creating more associations in the Utah community.
With the announcement of Elevation’s newest fund, Fund VIII, of $670 million, we reaffirm our commitment to partnering with visionary founders building transformative businesses.
Elevation’s Fund VIII is one of the largest venture platforms to date with a dedicated Utah presence, enabling us to continue being a pivotal catalyst for founders to fulfill their aspirations. Fund VIII will allow us to demonstrate a greater commitment to exceptional founders with a larger initial investment and continued support to them until much later in their journeys.
We pride ourselves on being a dynamic partner for entrepreneurs. This is due to the way we operate — we have a founder mindset versus that of a mere capital provider. We understand that the early stages are when founders need the most amount of support — tactical, operational, strategic, and personal. Elevation dedicates personal attention to each founder, walking with them through the ups and downs, right from the very first day of their entrepreneurial journey. Once a company passes this stage, they are on its way to becoming a category creator and market leader.
A long-term commitment to the conviction of the founders and their vision is the cornerstone of our approach. It is because of this ethos that we do not make competing investments. Once we decide to back a founder in a space, we keep an unwavering resolve to not “hedge our bets” by investing in multiple companies in that space.
Fund VIII marks a renewal of Elevation’s commitment to new-age entrepreneurs; if you have an idea that can achieve boundless ambitions, write to us here. It is never too early to get in touch with the team at Elevation.
About Elevation Capital
Elevation Capital is a leading venture capital firm that provides early-stage capital for emerging companies. Elevation Capital has been investing since 2002, opening its Salt Lake City office in 2021, and deploying almost $2 billion of capital in over 150 companies. The firm announced its eighth pool of capital of $670 million in April 2022. The firm is led by Co-Managing Partners Ravi Adusumalli and Mukul Arora, along with three Managing Directors Mridul Arora, Deepak Gaur and Mayank Khanduja. The firm has invested in over 150 companies across Consumer Internet, SaaS, Fintech, Consumer Brands, Edtech, Healthtech and Web3/Crypto, and has offices in Bengaluru, Gurgaon and Salt Lake City.