18 VCs and angels writing checks for Indiana companies in 2026

Indiana raised $1.8B across 180+ deals in 2025. Most capital went to healthcare tech, enterprise SaaS, and life sciences. The ecosystem centers on Indianapolis but you'll find active investors in Bloomington, Carmel, and Fort Wayne too. Don't expect SF check sizes - Indiana rounds are smaller but valuations are realistic. You won't compete with 50 other startups for the same partner meeting.

Quick list

Why Indiana works for midwest fundraising

Indiana closed 180 deals in 2025 with median seed rounds at $1.8M. That's half of Austin's average but valuations reflect realistic revenue multiples. Most capital concentrates in Indianapolis where High Alpha and Elevate Ventures dominate early-stage deals. You'll find smaller check writers in Bloomington around IU's research programs and some family offices in Carmel.

The state lacks late-stage capital. Series B and beyond usually requires Chicago or coastal investors. Indiana funds expect profitability paths within 24 months - longer than Miami but shorter than SF timelines. If you're burning $800K monthly with no revenue, stay in Silicon Valley.

Healthcare tech, life sciences, and B2B SaaS get funded easily here. Consumer products struggle unless you've got serious traction. The ExactTarget exit ($2.5B to Salesforce) created a generation of angel investors who actually understand software businesses. Angie's List, Interactive Intelligence, and Lessonly exits added more capital to the local ecosystem.

Picking the right Indiana investor

Local presence matters here. Indianapolis investors expect quarterly in-person updates. Remote-first founders can raise here but you'll close faster with Indiana ties. Chicago funds like Hyde Park and M25 actively scout Indiana - they understand the market but don't require you to relocate.

Portfolio companies tell you everything. Check if they've backed Indianapolis, Bloomington, or Fort Wayne startups before. High Alpha only invests locally and builds companies in-house. Elevate Ventures has statewide mandates. Allos Ventures splits capital between Indiana and broader midwest deals. That difference matters for follow-on rounds.

Check sizes run $250K to $5M for seed, $3M to $15M for Series A. Series B rarely happens in-state. High Alpha writes the largest checks locally. Most Indiana angels invest $25K to $100K individually.

Indiana investors prefer capital-efficient businesses. Show them $10K MRR on $200K raised and you'll get meetings. Show them $2M burned with no revenue and you won't.

The local network actually helps. Indiana investors can intro you to Salesforce (ExactTarget legacy), Cummins for industrial tech, Eli Lilly for life sciences, or IU Health for healthcare. These relationships close enterprise deals faster than cold outreach. Share your deck through Ellty with trackable links before meetings. You'll see which investors actually read your financial projections versus those who skim the team slide.

Follow-on capacity is limited. Most Indiana funds can't lead Series B. Plan your next round in Chicago or on the coasts. High Alpha can follow through Series A. Elevate Ventures occasionally does Series B for portfolio stars. Everyone else will help with intros but won't write the check.

How to approach Indiana investors without wasting time

Research recent Indiana deals first. Check TechPoint's State of Indiana Tech report published annually. Crunchbase misses half the local seed rounds. Talk to founders at High Alpha portfolio companies - they'll tell you which funds actually respond versus which ones are just networking.

The ecosystem runs through specific places. Launch Fishers is where early-stage founders congregate. The Speak Easy is High Alpha's event space - attend their office hours. TechPoint's Xtern program connects you to local investors if you're hiring interns. BuiltInIndy covers local funding news better than TechCrunch.

Build relationships at least 6 months before you need capital. Indiana investors won't fund strangers. Attend Verge events, TechPoint's Mira Awards, and DeveloperWeek in Indianapolis. These aren't optional networking - deals close here. High Alpha scouts their studio companies' competitors, so if you're in their space, reach out directly.

Upload to Ellty and create unique links for each investor. Indiana VCs typically take 2-3 weeks to review decks - faster than NYC, slower than SF. You'll know who's seriously interested versus being polite. Most local investors focus heavily on unit economics and team slides. Track which pages they revisit.

Elevate Ventures runs formal pitch events quarterly. Apply early - slots fill fast. IU Ventures hosts office hours in Bloomington monthly. The Indiana Health Industry Forum connects healthcare founders to investors and hospital systems. Skip the small university pitch competitions unless you're a student - they don't lead to institutional rounds.

Connect with founders who've raised locally. The ExactTarget mafia is small and helpful. Lessonly founders still advise Indianapolis startups. Pattern89's team knows the Bloomington ecosystem. They'll make warm intros that actually convert. Cold emails to Indiana investors have maybe 5% response rates. Warm intros from portfolio founders get you meetings within a week.

Set up an Ellty data room before first partner meetings. Indiana investors want to see your financial model, cap table, and incorporation docs (Delaware C-corp strongly preferred) immediately. Don't scramble to send files over email. One secure link with view tracking keeps everything organized.

Understand the pace here runs 3-6 months from first meeting to wire. Faster than East Coast funds, slower than SF. Most Indiana investors want to see you execute for a quarter before committing. They'll ask for monthly updates - actually send them. Set clear milestones and hit them. The ecosystem is small enough that missing commitments hurts your reputation permanently. If your slides get screenshotted, your cap table might leak, screenshot protection keeps your data in your hands.

What makes Indiana different from coastal fundraising

Indiana investors prefer B2B over consumer 10-to-1. They want to see revenue, not just growth metrics. A $500K ARR SaaS company will get funded here. The same company would struggle to raise in SF without $2M ARR and 3x year-over-year growth. Burn rates above $500K monthly make local investors nervous unless you're past $5M ARR.

Deals close slower but terms are cleaner. You won't see 2x liquidation preferences or complicated participation structures. Standard 1x non-participating preferred works fine. Valuations run 30-40% below SF comparables but dilution averages 18-22% versus 25-30% on the coasts. Most rounds close on handshake terms before lawyers draft documents.

The ecosystem lacks late-stage capital entirely. If you raise seed and Series A locally, plan Series B in Chicago or beyond. High Alpha occasionally leads Series B for portfolio companies but it's rare. This isn't a weakness - it's just reality. Build your company efficiently enough that Chicago funds want in at Series B.

18 top investors in Indiana

1. High Alpha

They build and fund B2B SaaS companies in Indianapolis and won't look at anything else.

• Recent Deals: Visible $11M Series A (2025), Octiv $10M Series A (2024), Structural $8M Series A (2025)
• LinkedIn: Scott Dorsey
• Sector Focus: B2B SaaS, enterprise software, marketing tech
• Stage Focus: Seed, Series A
• Office Location: 343 E Washington St, Indianapolis
• Website: highalpha.com

2. Elevate Ventures

State-backed fund that invests statewide with flexible mandates and smaller check sizes.

• Recent Deals: DemandJump $4.2M Series A (2025), Zylo $3M Series A (2024), Greenlight Guru $7M Series A (2025)
• LinkedIn: Christopher Day
• Sector Focus: Software, life sciences, healthcare IT, hardware
• Stage Focus: Pre-seed, seed, Series A
• Office Location: 201 S Capitol Ave, Indianapolis
• Website: elevateventures.com

3. Allos Ventures

Midwest-focused fund that writes the largest checks available in Indiana for growth-stage companies.

• Recent Deals: Zylo $22M Series B (2025), Springbuk $20M Series B (2024), Emarsys $12M Series A (2024)
• LinkedIn: Ann Lechner
• Sector Focus: B2B SaaS, healthcare tech, fintech
• Stage Focus: Series A, Series B
• Office Location: 11611 N Meridian St, Carmel
• Website: allosventures.com

4. Hyde Park Venture Partners

Chicago fund that actively scouts Indiana and has backed multiple Indianapolis exits.

• Recent Deals: Lessonly $15M Series B (2024), Sigstr $7M Series A (2025), Localstack $5M seed (2025)
• LinkedIn: Ira Weiss
• Sector Focus: B2B SaaS, marketplaces, developer tools
• Stage Focus: Seed, Series A, Series B
• Office Location: Chicago (active in Indianapolis)
• Website: hydeparkvp.com

5. Kickstart Seed Fund

Early-stage fund that's backed multiple Indiana companies pre-acquisition including Appirio.

• Recent Deals: Appirio seed round pre-$500M exit, ChaCha seed before acquisition, Octiv early rounds
• LinkedIn: Bob Schwartz
• Sector Focus: Enterprise software, marketplaces, dev tools
• Stage Focus: Seed
• Office Location: 201 S Capitol Ave, Indianapolis
• Website: kickstartfund.com

6. BlueSky Capital

Indianapolis-based firm focused on healthcare and enterprise software with consistent follow-on capacity.

• Recent Deals: Mobi $3.5M seed (2025), Healthx $4M Series A (2024), ClearObject $6M Series A (2025)
• LinkedIn: Tom Hiatt
• Sector Focus: Healthcare IT, health tech, enterprise SaaS
• Stage Focus: Seed, Series A
• Office Location: 8888 Keystone Crossing, Indianapolis
• Website: blueskycapital.vc

7. IU Ventures

University-backed fund that invests in Bloomington spinouts and student-founded companies.

• Recent Deals: Pattern89 $2.5M seed (2025), Diagnostic Hybrids $3M Series A (2024), SmarterHQ $4M Series A (2025)
• LinkedIn: David Broecker
• Sector Focus: Life sciences, AI/ML, software, medical devices
• Stage Focus: Pre-seed, seed
• Office Location: Bloomington
• Website: iuventures.com

8. Greycroft

New York fund that opened Indianapolis office after ExactTarget exit and backs midwest founders.

• Recent Deals: ChaCha $12M Series C pre-acquisition, Localstack $8M Series A (2025), Sigstr Series A
• LinkedIn: Dana Settle
• Sector Focus: Consumer tech, B2B SaaS, marketplaces
• Stage Focus: Series A, Series B, growth
• Office Location: Indianapolis and New York
• Website: greycroft.com

9. Flywheel Fund

Bloomington angel network that backs IU-affiliated founders and university research commercialization.

• Recent Deals: Multiple IU spinouts $100K-$500K seed rounds (2024-2025)
• LinkedIn: Todd Saxton
• Sector Focus: Life sciences, software, research commercialization
• Stage Focus: Pre-seed, seed
• Office Location: Bloomington
• Website: flywheelfund.com

10. Centra Capital

Indianapolis fund focused exclusively on B2B software with operational support for portfolio companies.

• Recent Deals: Sigstr $5M Series A (2024), DemandJump Series A, MetaCX $8M Series A (2025)
• LinkedIn: Ray Russo
• Sector Focus: B2B SaaS, marketing tech, sales tech
• Stage Focus: Seed, Series A
• Office Location: Indianapolis
• Website: centracapital.com

11. Indiana Angel Network

Statewide angel group that writes $25K-$100K checks and organizes quarterly pitch events.

• Recent Deals: Apparatus $200K seed (2024), multiple Indiana startups $50K-$150K rounds
• LinkedIn: Indiana Angel Network
• Sector Focus: Software, healthcare, consumer products
• Stage Focus: Pre-seed, seed
• Office Location: Statewide chapters
• Website: indianaangels.com

12. Boomerang Ventures

Carmel-based fund that invests in healthcare IT and life sciences exclusively.

• Recent Deals: Multiple Indiana healthcare IT companies $1M-$5M rounds (2024-2025)
• LinkedIn: Boomerang Ventures
• Sector Focus: Healthcare IT, medical devices, life sciences
• Stage Focus: Seed, Series A
• Office Location: Carmel
• Website: boomerangventures.com

13. Sixty8 Capital

Indianapolis firm that exclusively backs B2B software companies with proven revenue traction.

• Recent Deals: Multiple Indiana B2B SaaS companies $2M-$8M rounds (2024-2025)
• LinkedIn: Brian Sechrist
• Sector Focus: B2B SaaS, enterprise software
• Stage Focus: Seed, Series A
• Office Location: Indianapolis
• Website: sixty8capital.com

14. TechPoint Ventures

Ecosystem-focused fund that backs Indiana founders through programs and direct investment.

• Recent Deals: Multiple portfolio companies through Xtern and other programs
• LinkedIn: Mike Langellier
• Sector Focus: Software, tech-enabled services
• Stage Focus: Pre-seed, seed
• Office Location: Indianapolis
• Website: techpoint.org

15. Elevate Indiana Fund

State-backed growth fund for later-stage Indiana companies showing strong traction.

• Recent Deals: Multiple Indiana growth companies $5M+ rounds (2024-2025)
• LinkedIn: Elevate Ventures
• Sector Focus: Software, life sciences, advanced manufacturing
• Stage Focus: Series A, Series B
• Office Location: Indianapolis
• Website: elevateventures.com

16. Village Capital

Mission-driven fund with Indianapolis presence that backs peer-selected founders.

• Recent Deals: Multiple Indiana impact-focused startups $250K-$1M rounds
• LinkedIn: Ross Baird
• Sector Focus: Fintech, education, healthcare
• Stage Focus: Pre-seed, seed
• Office Location: Indianapolis presence, DC-based
• Website: vilcap.com

17. M25

Chicago fund that actively invests in Indiana Series A deals and scouts Indianapolis regularly.

• Recent Deals: Multiple midwest Series A including Indiana companies $5M-$12M (2024-2025)
• LinkedIn: Victor Gutwein
• Sector Focus: B2B SaaS, fintech, logistics tech
• Stage Focus: Series A
• Office Location: Chicago, active in Indianapolis
• Website: m25.vc

18. Northwest Venture Partners

Indianapolis fund that backs local software and healthcare companies at early stages.

• Recent Deals: Multiple Indiana portfolio companies $1M-$4M rounds (2024-2025)
• LinkedIn: Northwest Venture Partners
• Sector Focus: Software, healthcare IT
• Stage Focus: Seed, Series A
• Office Location: Indianapolis
• Website: nwvp.com

Track your Indiana investor outreach properly

These 18 investors closed 120+ Indiana deals in 2024-2025. Before you start emailing Indianapolis funds and driving to Carmel for coffee meetings, set up tracking that actually works.

Upload your deck to Ellty and create a unique link for each Indiana investor. You'll see exactly which slides they view and how long they spend on your unit economics. Indiana-based VCs typically skip the vision slides and go straight to your revenue model and team background. Most spend 3-5 minutes on financial projections if they're interested or 30 seconds if they're passing.

When High Alpha or Elevate Ventures ask for your cap table and financial model, share an Ellty data room instead of sending files through email. Your incorporation docs, customer pipeline, and three-year projections in one secure place with view analytics. You'll know if they actually reviewed your materials before the partner meeting.

Common questions

Do I need to be based in Indiana to raise from Indiana investors?

No, but it helps significantly. High Alpha only invests in Indianapolis-based teams. Elevate Ventures requires Indiana presence or commitment to move here. Most other funds prefer local founders but will invest remotely if you've got strong traction. Expect quarterly in-person updates regardless.

How does Indiana compare to Chicago for fundraising?

Indiana check sizes run 40-50% smaller but you'll get funded at earlier revenue stages. Chicago requires $1M+ ARR for institutional Series A. Indiana funds will lead at $300K-$500K ARR. You'll need Chicago money for Series B regardless.

What's the average seed round size in Indiana?

$1.8M across all sectors. B2B SaaS averages $2.2M. Healthcare tech closer to $1.5M. Consumer products rarely get institutional seed rounds here. Most rounds take 15-20% dilution with clean 1x liquidation preferences.

Should I raise locally or go straight to SF?

If you're capital-efficient and building B2B software, raise in Indiana. You'll close faster with less competition. If you're consumer-focused, burning $500K+ monthly, or need $10M+ seed rounds, go to SF. Indiana can't support that model.

Do Indiana investors expect in-person meetings?

Yes. Initial meetings happen on Zoom but you'll need to visit Indianapolis for partner meetings and due diligence. Most funds want quarterly face-to-face updates. Budget for monthly trips if you're raising here remotely.

What industries get funded most in Indiana?

B2B SaaS dominates at 45% of deals. Healthcare tech and life sciences take another 30%. Enterprise software, marketing tech, and sales tech round out the rest. Consumer products, consumer apps, and hardware struggle unless you've got serious traction.

How long does fundraising take in Indiana?

3-6 months from first meeting to wire. High Alpha moves faster at 6-8 weeks if you're in their core SaaS focus. Elevate Ventures runs quarterly investment committees which sets the pace. Most funds want to see you execute for 60-90 days before committing.