Purdue University-backed Elevate Purdue Foundry Fund has picked seven university-linked businesses to share a total of $200,000 in funding.
Elevate Purdue Foundry Fund, an investment vehicle run by US-based Purdue University’s Purdue Foundry accelerator and venture capital firm Elevate Ventures, invested a total of $200,000 in seven university-linked businesses on Tuesday.
Purdue Foundry Fund was set up in 2014 and has so far provided $2.7m for 72 Purdue-affiliated startups. It invests across two tiers: a black award consisting of a $20,000 convertible non-recourse note, and a gold award that bestows $80,000 in either equity or debt financing.
