Portland, Ore.-based firm Elevate Capital has raised $26 million as part of its $40 million Fund II.
Elevate focuses on backing underrepresented entrepreneurs, including women and minorities. The firm launched in 2016 and has invested $10 million in 29 startups; 80% are led by diverse founders. It says the first fund is performing in the top quartiles of funds nationally measured by internal rate of return and cash returns.
Elevate has already picked six companies to invest in as part of the second fund: Obatala Sciences, Revry, LegUp, Time Study, Goalsetter, and Forest Devices.
Meyer Memorial Trust and Oregon Growth Account are leading the investments for the new fund. Others such as Chelsea Stoner at Battery Ventures are also investing.
Elevate is led by Managing Director Nitin Rai, a longtime Portland tech vet who founded First Insight Corporation in 1994 and has invested in 18 startups across Oregon.