Elevate Capital Marks Milestone Exit with TrueLark Acquisition by Weave Communications
Weave's acquisition of TrueLark strengthens its position in front-office automation and accelerates its AI product roadmap. The integration allows Weave to expand into new business verticals while continuing to deliver value to its core healthcare market.
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Elevate Capital, an institutional-backed inclusive venture capital fund, has announced the acquisition of its portfolio company, TrueLark, by Weave Communications, Inc., a leading experience platform for small and medium-sized healthcare businesses. The acquisition marks Elevate Capital's eighth successful exit and the first for its second fund.
Founded in 2016, Elevate Capital is known for its commitment to backing diverse founding teams and disruptive technologies. TrueLark, headquartered in Palo Alto, California, is a trailblazer in AI-powered front-desk automation, streamlining operations for thousands of businesses in the healthcare, beauty, and wellness sectors.
"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."
TrueLark's platform uses advanced conversational AI to manage appointment scheduling, rescheduling, and common inquiries, reducing staff workload while boosting customer engagement. Since joining TrueLark as a board observer in 2024, Elevate Capital has been one of its largest investors, providing key strategic support.
"By leveraging an extensive network of investors and advisors from TiE Global Angels and Elevate Limited Partners, we have inspired collaboration that fosters innovation and growth," Rai added.
Weave's acquisition of TrueLark strengthens its position in front-office automation and accelerates its AI product roadmap. The integration allows Weave to expand into new business verticals while continuing to deliver value to its core healthcare market.
"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. Joining forces with Weave enables us to continue expanding our impact."
Since 2016, Elevate Capital has invested in over 80 startups. With eight exits, Fund I has already returned over 126% of its invested capital.
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