Elevate Innovation Partners, a New York City-based early to mid-stage venture capital firm, held the first close of its venture capital fund, at $15m.
Existing fund investors include Mohandas Pai, previously CFO of Infosys; Jerry Rao, venture advisor to NEA and founder of Mphasis; and other fund managers from major private equity and hedge funds.
A final close of $25m is anticipated by Q4.
The fund will seek to capitalize fintech, enterprise software, marketing analytics and new media platform startups that have validated business models and are generating revenue.
The geographic focus is on the U.S. East Coast with selective investments in India, Germany and Netherlands — all regions where the fund has local partners.
EIP’s global investments include MoviePass, Crowded, Cuebiq, Planted, GVNG, Avlino, Radius8, Ocrolus, Score Data, Aggrigator, Square Foot, Pathgather, LiftMetrix, SwitchMe, Tone Tag and YouPlus. EIP has also invested in Kabbage, Coupa, Banjo, Freedompay and Radius.
The investment team includes:
– Sridhar Chityala, Chairman and founding member of EIP’s board, who has held executive management roles at JP Morgan, Citi and Wachovia,
– Shreyas Slater Chityala, a venture capital and investment banking professional who is co-founder and managing partner with experience in financial services and energy across the U.S. and Asia
– Thomas Rudy, co-founder, who is a specialist in investment banking, venture capital, hedge funds and private equity, specifically in the sports, fintech and entertainment sectors across the U.S. and Europe
– Greg Brown, Chief Financial Officer, who has more than 20 years of venture capital and startup industry expertise with a focus on portfolio management and valuation
Joe Rubin, one of the veterans of the New York and East Coast startup community as a Founder of FundingPost and co-founder of ARC Angel Fund, is also an advisor to EIP and a co-founder of one EIP’s portfolio companies, Crowded.