Elevate Ventures' Indiana Angel Network Fund Co-Invests in Wolfpack Chassis to Close $755,000 Seed Funding Round
Manufacturing Company Will Use Funds to Acquire Space and Hire New Skilled Workers
INDIANAPOLIS, IN, January 31, 2013-- Elevate Ventures (www.elevateventures.com), a venture development organization that provides assistance, access to capital, and other resources to Indiana startups, announced that it has contributed the maximum investment of $125,000 from its Indiana Angel Network Fund (IANF) to Wolfpack Chassis of Kendallville, IN. This angel round of investing also included funds from private investors in Northeast Indiana to bring the total seed round to $755,000.
With the infusion of cash, Wolfpack Chassis has leased space to manufacture chassis and chassis components for the RV and manufactured housing markets, aiming to start production this winter. The company will be hiring about 20 skilled welders and frame builders to work on the first two assembly lines. Eventually Wolfpack plans to expand its manufacturing into trailers and class-A chassis, as well as other innovative chassis-related components, including slide-out mechanisms.
The IANF invested its maximum in Wolfpack Chassis alongside additional investment from other qualified angel investors. The investment has provided Elevate with one seat on the Wolfpack Chassis board of directors. Prior to the investment, Elevate's Entrepreneurs-in-Residence (EIRs) worked with company executives for some time to provide introductions to potential investors and offered information and resources to help them prepare for the seed investment round. The EIRs will continue to provide counsel to Wolfpack.
Elevate's $9.5M Indiana Angel Network Fund (IANF), the source of Elevate's investment in Wolfpack Chassis, is a source of seed capital dedicated to discovering companies which show the promise of solid market potential and are capable of accelerated growth to high-value exits. To qualify for investment from the IANF, companies must average annual revenues of less than three million dollars and have an addressable market size of over $500 million. Wolfpack Chassis is one of Elevate's advanced manufacturing investments.
"This investment in Wolfpack Chassis epitomizes what Elevate Ventures is trying to accomplish with both our Indiana Angel Network Fund and our Indiana Investor Network," said Steve Hourigan, CEO, Elevate Ventures. "We were able to collaborate with the entrepreneurs and private investors in our network to fund a great opportunity. We believe the combination of expertise and capital will help Wolfpack Chassis ramp up production and revenue quickly."
"It is very gratifying to receive financial support from Elevate Ventures," said Robert Frost, CEO, Wolfpack Chassis. "In addition to the cash investment, it is extremely helpful to have professional guidance from their Entrepreneurs-In-Residence who can give us mentorship, introductions and a range of expertise."
About Elevate Ventures
Elevate Ventures, www.elevateventures.com, is a non-profit, venture development organization focused on developing emerging and existing high-potential businesses and transforming them into high-performing, Indiana-based companies. The Elevate team provides professional advisory services to entrepreneurs and early-stage companies interested in significant growth, while also connecting them with other resources throughout the state.
One of the most active investors in the State of Indiana, Elevate Ventures currently manages the Indiana Angel Network Fund, Indiana 21st Century Research & Technology Fund, a fund of funds, and other entrepreneurship initiatives.
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