Elevate Capital Portfolio Company TrueLark Acquired by Weave Communications

PR Newswire

PORTLAND, Ore., May 6, 2025

Another Entrepreneurial AI-Driven Success Story from Elevate Capital's Investment Portfolio.

PORTLAND, Ore., May 6, 2025 /PRNewswire/ -- Elevate Capital, the nation's first institutional-backed inclusive venture capital fund, today announced the acquisition of its portfolio company TrueLark by Weave Communications, Inc., a leading all-in-one experience platform for small and medium-sized healthcare businesses. The acquisition represents another milestone exit for Elevate Capital and is a testament to its strategy of backing diverse founding teams building disruptive technologies, including AI.

Nitin Rai

TrueLark, headquartered in Palo Alto, Calif., is a pioneering AI-powered front-desk automation platform that serves thousands of healthcare, beauty, and wellness businesses. The platform uses advanced conversational AI to handle tasks like appointment scheduling, rescheduling, and answering common questions--reducing staff workload while improving customer engagement and retention.

"We are incredibly proud of the TrueLark team and what they've accomplished," said Nitin Rai, Founder and Managing Partner of Elevate Capital. "Their innovative use of AI to streamline operations for small businesses aligns perfectly with Elevate's mission of investing in bold ideas from underestimated founders. The acquisition by Weave validates the strength of TrueLark's technology, team, and vision."

"Since joining TrueLark as a board observer in 2024 and being one of their largest investors, Elevate Capital has played a pivotal role in propelling the company toward success. By leveraging an extensive network of investors and advisors from TiE Global Angels and Elevate Limited Partners and its deep expertise in healthcare technology, we have provided valuable resources and inspired collaboration that fosters innovation and growth," adds Rai.

The acquisition enhances Weave's leadership in front-office automation and accelerates the company's product roadmap for AI-powered solutions in the healthcare and wellness sectors. TrueLark will expand Weave's ability to serve more business types while maintaining a strong presence in key growth verticals.

TrueLark was part of Elevate Capital's first fund in 2017 and is its eighth successful exit, with additional follow-on investments from its second fund. TrueLark is Elevate Capital's first successful exit for Fund II. Since 2016, Elevate Capital's Funds I & II have invested in over 80 startups, and in less than 10 years, Fund I has returned over 126% of invested capital through eight exits.

"We're grateful to Elevate Capital for believing in our vision from the very beginning," said Srivatsan Laxman, CEO and Co-Founder of TrueLark. Elevate's support and guidance have been instrumental in helping us scale our AI solutions and reach thousands of businesses. Joining forces with Weave enables us to continue expanding our impact."

Check out Weave Communications' press release for more information.

About Elevate Capital

Founded in 2016, Elevate Capital is the nation's first institutional-backed venture capital fund primarily targeting investments in underestimated founders and those with limited regional access to capital and opportunities. Through the SSBCI and Innovation Gap Funds, Elevate also supports high-risk research-driven innovation in Oregon by investing at the earliest stages in startups from healthcare, life sciences, cleantech, sustainability, and other target-traded sector industries.

Visit elevate.vc or follow Elevate Capital on X, Facebook and LinkedIn.

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SOURCE Elevate Capital

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May 06, 2025 17:08 ET (21:08 GMT)