VC News | 71/70 Angels announced the close of its first fund
The Columbus, OH-based angel fund invests in enterprise software and advanced technology start-ups nationwide.
Los Angeles Cleantech Incubator:
The Los Angeles Cleantech Incubator (LACI)—a nonprofit launched by the City of Los Angeles in 2014—has announced a $2 million grant from the Schmidt Family Foundation to bolster early-stage start-ups with working capital so they can deploy and scale groundbreaking cleantech solutions.
The award from the foundation of Eric Schmidt, a former Google Chief Executive Officer, and his wife, Wendy, will be directed to LACI’s revolving Cleantech Debt Fund, boosting its finance pool to more than $7.5 million. To date, the fund has deployed $5 million to 20 cleantech start-ups working to advance technologies related to electric vehicle charging, metallurgy, and grid resiliency. The award will enable LACI to provide larger loans of between $500,000 and $1 million.
Flyover Capital:
Flyover Capital, a Kansas City, MO-based venture capital firm investing in companies outside coastal hubs, announced the fourth annual MidxMidwest (MXMW).
The event takes place November 13 at Hotel Kansas City. Organized with support from Iron Prairie Ventures and Polsinelli, MXMW will connect selected founders, investors, community, and corporate leaders for curated one-on-one meetings, breakout sessions, and networking under the theme Built on Ambition.
MXMW prioritizes meaningful connections between pre-seed to Series B founders and investors from leading venture firms nationwide.
According to the MXMW website, the 2025 event will host 100 early-stage founders, 100 venture funds from across the U.S., and key ecosystem players for curated breakout sessions, more than 500 pre-scheduled one-on-one meetings, and evening programming including a rooftop reception and small-group industry dinners.
Elevate Ventures:
Troubled venture capital company Elevate Ventures has been deemed “in breach of” lending language in all of its active loan agreements with the Indiana Economic Development Corporation (IEDC) after defaulting on an angel investment program this month.
According to a report in the Indiana Capital Chronicle, David Watkins, IEDC’s Senior Vice President of Entrepreneurship and Small Business, gave the firm 30 days to cure the breaches before it nears default on those agreements.
In a recent letter, he asked Elevate Ventures to provide a detailed financial plan and schedule, also within 30 days, to “demonstrate how it will be able to fulfill all of its outstanding obligations” — and why the IEDC shouldn’t make all outstanding loans due immediately.
The agency has “unreconciled, ongoing concern” that the company, “in its current state, will be unable to fulfill any of its current or future obligations,” Watkins wrote.
The firm operates the Indiana Angel Network Fund, intended to entice and aid angel investments to Hoosier start-ups. It nabbed the contract with IEDC in 2011, with repayment due exactly 14 years later.
71/70 Angels:
71/70 Angels, the Columbus, OH-based angel fund that invests in enterprise software and advanced technology start-ups nationwide, has announced the close of Fund I. The inaugural fund brings together an expansive network of nearly 50 angel investors, including seasoned as well as first-time investors who bring new capital and fresh perspectives into early-stage investing. 71/70 Angels is filling critical funding gaps in the Midwest startup ecosystem, delivering support for early-stage companies with high-growth potential. The fund has come out of the gate strong, by already funding two local companies.
“71/70 Angels is built with a founder-first ethos, blending a streamlined process with Midwest grit and values,” said Melinda Gloriosa, Managing Director at 71/70 Angels and Rev1 Ventures. “With this first fund closed and our early investments underway, we’re taking action—backing startups with capital, along with an active network of operators, funders, and functional leaders who know how to build scalable companies.”
The fund backs seed and early-stage companies developing high-impact solutions for large and growing markets. Powered by a dedicated network of individual angel investors and supported by Rev1 Ventures, the fund is designed to streamline the funding process and accelerate growth opportunities for entrepreneurs and investors.
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