Two South Bend – Elkhart Region Startups Secure Funding in Second Elevate Nexus Regional Pitch Competitions
Five Regional Startups to Pitch During Virtual Statewide Competition on May 19
SOUTH BEND, Ind. (April 29, 2020) – Startup South Bend – Elkhart (SUSBE) and University of Notre Dame-affiliated startups, Lumen Bio and CODEinCLASS are among the 16 businesses from around Indiana that have been awarded a total of $680,000 in pre-seed and seed funding by Elevate Ventures to spur growth.
The 16 were chosen from 58 finalists that competed Feb. 25-27 in the second regional Elevate Nexus Pitch Competitions held at Innovation Park at the University of Notre Dame, Flagship Enterprise Center at Anderson University and Ivy Tech Community College in Bloomington.
Lumen Bio, with evidence that their patented technology can prevent obesity by blocking the function of a protein that is responsible for body fat accumulation, received the Regional Pre-Seed Award of $20,000 which is reserved for startups seeking funds to build a minimum viable product.
Lumen Bio also recently participated in a SUSBE Needs & Leads session, which is designed to engage, support, and connect entrepreneurs and startups with resources in the region. Support could come in the form of networking, mentorship, and/or resources.
CODEinCLASS, a coding education program that is fun for kids and easy for teachers, received the Regional Seed Award of $80,000 which is reserved for companies that are further along and are building and testing the processes that will be used to ultimately scale the business.
CODEinCLASS has also received two proof of concept (PoC) grants from Startup south Bend – Elkhart (SUSBE) totaling $4,000. To apply for the PoC funds, entrepreneurs are required to present their idea to the Mentorship subcommittee of SUSBE. The PoC funds are then be distributed in small amounts, up to $2,000, depending on the needs of the entrepreneur and startup.
In addition to receiving funding, each company is considered an Elevate Ventures’ portfolio business and gains access to Elevate Venture’s network of advisors and resources.
The statewide competition will be held virtually on May 19, 2020. Winners from the first and second Elevate Nexus Regional Pitch Competitions will have the opportunity to pitch during the statewide competition where an additional $320,000 will be awarded.
Lumen Bio, CODEinCLASS, and three additional South Bend – Elkhart-based companies that received funding during the first Elevate Nexus Regional Pitch Competition, will be among the 29 finalists pitching on May 19. South Bend – Elkhart region winners include:
– Digital Leader Academy
– Lumen Bio
About Startup South Bend – Elkhart
Startup South Bend – Elkhart (SUSBE), one of the South Bend – Elkhart Regional Partnership’s non-profit initiatives, has been working to promote and foster the regional entrepreneurial ecosystem by stimulating the entrepreneurial spirit and culture in its citizens, identifying and nurturing new business startups and supporting the growth of existing high-potential businesses. For more information, visit StartupSouthBendElkhart.com.
About Elevate Ventures
Regina Emberton (SUSBE) 574.344.4686 ext.4802 or email@example.com