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Flywheel Fund is a member-managed venture capital fund based in Bloomington, Indiana, launched in 2020. The fund operates through The Dimension Mill, a local startup hub and coworking space, pooling capital from accredited investors to support early-stage tech startups primarily in Indiana. Flywheel Fund has a strong commitment to diversity, ensuring that at least 13% of its investments go to Black founders and teams, a goal it exceeded by reaching 20% in its first year.
Since its inception, Flywheel Fund has deployed over $3 million across more than 50 portfolio companies, making it one of the more active early-stage funds in the Indiana Midwest ecosystem. The fund's investment strategy emphasizes community impact and aims to foster a supportive environment for underrepresented entrepreneurs. Flywheel Fund's office is located at 642 N. Madison St., Bloomington, IN 47404, and it maintains an active presence in the local startup ecosystem.
Flywheel Fund targets early-stage investments, primarily in pre-seed and seed rounds, with a strong emphasis on Indiana-based startups. The fund typically invests between $100,000 and $1.5 million per investment, focusing on the team, market potential, and product viability as key criteria for evaluation. The team aspect is weighted most heavily, reflecting the importance of strong leadership in early-stage ventures.
In addition to its geographical focus on Indiana, Flywheel Fund invests in a variety of sectors, including edtech, AI, HR tech, SaaS, cybersecurity, agtech, and healthcare. The fund's commitment to diversity is a cornerstone of its investment strategy, aiming to allocate a minimum of 13% of its capital to Black founders and teams. This focus on inclusivity not only enhances the fund's investment portfolio but also contributes to the broader goal of fostering innovation within diverse communities.
Flywheel Fund has invested in over 50 portfolio companies since its launch, showcasing a diverse range of sectors and innovative solutions. Notable investments include:
The fund's portfolio reflects its commitment to supporting early-stage startups that demonstrate strong potential for growth and community impact. By investing in a variety of sectors, Flywheel Fund not only diversifies its investment strategy but also contributes to the development of a robust startup ecosystem in Indiana.
Eric — Managing Partner; previously worked at Elevate Ventures and has a background as a serial entrepreneur with successful exits in telecom, digital health, and e-commerce.
Martina — Senior Analyst; holds a position at Notre Dame's IDEA Center and has prior experience with Antler and SOSV/MOX, bringing valuable insights into the startup ecosystem.
Startups interested in pitching to Flywheel Fund should submit their proposals through the fund's website at flywheelfund.vc. The pitch deck should include key information such as the business model, market analysis, team background, and financial projections. Flywheel Fund values concise and clear presentations that effectively communicate the startup's vision and potential.
Response times can vary, but founders can expect to hear back within a few weeks after submission. While warm introductions are not strictly necessary, they can enhance the chances of securing a meeting with the fund's team.
In 2021, Flywheel Fund was recognized as a grantee of the U.S. EDA Build to Scale Capital Challenge, highlighting its role in regional startup capital formation. The fund continues to actively engage with the startup community, conducting screenings to identify promising investment opportunities and offering in-person office hours at The Dimension Mill.
As of 2023, Flywheel Fund has successfully deployed over $3 million across its portfolio, maintaining its commitment to supporting early-stage startups in Indiana and beyond.
What are Flywheel Fund's investment criteria?
Flywheel Fund primarily invests in early-stage startups at the pre-seed and seed stages. The fund evaluates potential investments based on three main criteria: team, market potential, and product viability, with a particular emphasis on the strength of the founding team.
How can startups apply for funding from Flywheel Fund?
Startups interested in securing funding from Flywheel Fund can apply through their website at flywheelfund.vc. The application process typically involves submitting a pitch deck that outlines the business model, market opportunity, and team qualifications.
What makes Flywheel Fund different from other venture capital firms?
Flywheel Fund distinguishes itself through its commitment to diversity, aiming to allocate at least 13% of its investments to Black founders and teams. This focus on inclusivity is coupled with a strong support system for portfolio companies, including mentorship and access to resources at The Dimension Mill.
What is the geographic focus of Flywheel Fund?
The fund primarily focuses on Indiana-based startups, although it also considers opportunities in the United States. This regional focus allows Flywheel Fund to contribute to the local startup ecosystem while supporting innovative companies across the country.
What is the typical check size for investments?
Flywheel Fund typically invests between $100,000 and $1.5 million in early-stage startups, depending on the specific needs of the company and the potential for growth.
What kind of support do portfolio companies receive?
Portfolio companies benefit from mentorship, access to a network of experienced entrepreneurs, and resources available at The Dimension Mill. This support is designed to foster growth and help startups navigate the challenges of early-stage development.
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