Indiana GOP NewsVenture capital deals in Indiana increased 19% in 2020 despite challenges from the COVID-19 pandemic, according to the 2020 Indiana Venture Report released today by Elevate Ventures.

Indiana generated 160 deals in 2020 compared to 134 in 2019. Most were in the pre-seed category of $500,000 or less, more than doubling to 100 from 46 in the prior year. The large increase in pre-seed indicates a surge in startups with potential to grow into significantly larger entrepreneurial success stories in years to come.

Elevate Ventures CEO Chris LaMothe attributed the record-breaking activity to resilient entrepreneurs and communities across the state.

“Indiana’s growing interest in innovation and entrepreneurism is building momentum despite the difficult and unusual year we had in 2020,” said LaMothe. “Indiana has the opportunity to leapfrog other states over the next decade with continued aggressive vision and investment.”

Other findings in the report:

• Indiana remained the second-highest state in deal activity in the Great Lakes and Midwestern regions, behind only Illinois;
• Life sciences companies attracted nearly 60% ($289 million) of all venture capital dollars invested in Indiana;
• Later-stage (greater than $10 million) deals increased slightly;
• Indiana’s business climate was among the top 10 in the nation;
• Central Indiana continued generating most of the venture capital activity. However, regional collaborations and partnerships, including university efforts, boosted activity in several areas of the state.

The 2020 Indiana Venture Report provides a year-end assessment of venture investment activity in Indiana. The report includes a summary of Indiana’s economic opportunities and business climate, national and regional venture capital trends, and venture capital activity in Indiana compared across sectors, firms, stages, and regions.

Click to read the full Elevate Ventures 2020 Indiana Venture Report.