Sixty8 Capital Announces Close of $20 Million Fund to Support Diverse Startup Founders

Indianapolis-based Sixty8 Capital has closed its new $20 million venture fund to primarily invest in underrepresented founders, with an emphasis on providing support in the Midwest.

Investors of the venture fund include the Indiana Next Level Fund, 50 South Capital, Bank of America, Eli Lilly and Company, First Internet Bank, and the Central Indiana Community Foundation.

According to its website,  Sixty8 Capital highlights undercapitalized founders and innovators. Kelli Jones is managing partner and Paul Ehlinger is venture partner of the Indianapolis-based, seed-stage venture capital (VC) firm supporting Black, Latinx, women and LGBTQ+ led startups.

“…Sixty8 Capital…will focus initially on seed investments between the coasts, with an emphasis on the Midwest. Sixty8 Capital is powered by Allos Ventures, one of Indiana’s most active VC firms, with Allos’ Paul Ehlinger serving as venture partner,” the statement also said. “Sixty8 Capital will seek to invest in 25 to 30 pre-seed and seed-stage companies with initial equity checks of $250,000 to $500,000 per company, reserving additional funds for follow-on rounds.”

(Photo credit: Twitter-@AllRaise)

The investment will focus on undercapitalized founders and innovators who often miss out on critical funding, since 90% of venture capital goes to people who look like and live near investors.

“We believe there is an opportunity to truly level the playing field when it comes to capital access for diverse founders in any industry,” Jones said in a statement. “There is a $4 trillion missed opportunity when we don’t put a focus on diverse founders. Venture capital has a significant opportunity to change the trajectory of SMBs and microenterprises by helping them build products and services that utilize tech and have the opportunity to scale.”

A message posted on Sixty8 Capital’s Facebook page encouraged Midwest-based founders who are interested in meeting with the investment management company to visit Sixty8 Capital’s website. The next step is to complete the form that is located at the bottom of the page.

This post was originally published on this site

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