CareSource, a nationally recognized nonprofit health plan, today announced the launch of the CareSource Diversity & Social Impact Investment Fund through a partnership with Elevate Ventures, a venture development organization that will manage the fund.
“CareSource is proud to support the state’s priority of equity, inclusion, and opportunity by investing in diverse entrepreneurial Hoosiers and those seeking to improve health outcomes across the state,” said Steve Smitherman, President of CareSource Indiana. “Removing the barrier of funding will help Hoosiers achieve their dream and add their unique voice to our community.”
CareSource will initially invest $2.5 million in the fund, with individual investments of as much as $250,000. The fund will syndicate alongside Elevate Ventures’ direct investment and other venture funds. This new fund will provide capital for diverse founders and/or those who seek to improve healthcare outcomes or related social impact. Companies must be high-growth Indiana-based companies launching in technology or select healthcare and life sciences sectors that may provide solutions to underserved populations.
Elevate Ventures will source and vet companies for consideration, complete due diligence, and provide investment recommendations to an investment committee composed of representatives from CareSource. Investment decisions will be made by CareSource.
All companies receiving funding through the CareSource Diversity & Social Impact Investment Fund will receive Elevate Ventures portfolio benefits.
“Launching this fund alongside CareSource opens up opportunities for startups developing innovative solutions positively impacting Indiana communities, particularly underserved populations,” said Chris LaMothe, CEO at Elevate Ventures. “With this partnership, we will be able to further our efforts to create an economic environment that supports high-growth businesses across the state.”
The new fund joins other CareSource initiatives supporting Hoosiers. Along with providing comprehensive health care coverage and options for the uninsured, CareSource launched a $6 million commitment to invest in affordable housing and partnered with IU Health to offer a virtual care program for students with mental health concerns.
Companies interested in being considered for investment can apply to Elevate Ventures under its “direct investment” application at www.elevateventures.com/apply. For additional information, contact firstname.lastname@example.org.