Elev8 Venture Partners, a mid-stage investment firm, has made a significant move into late-stage funding by acquiring shares in Porter, a logistics startup valued at over $1 billion, with a $25 million investment.

Partner Navin Honagudi of Elev8 highlighted the firm’s focus on identifying top companies for the coming decade, emphasizing a growth-oriented investment approach.

Elev8 plans to invest $10-$15 million in 12 to 14 technology-enabled, sector-agnostic companies with valuations between $100 million and $500 million, aiming to be aggressive with at least one investment per quarter.

This investment was made through Elev8’s maiden $200 million fund, which has previously backed firms like Smallcase and Astrotalk, and aims to support promising companies across various sectors.

The move is notable because it’s uncommon for mid-stage VC firms to invest in late-stage companies, signaling strong confidence in Porter’s growth potential as it prepares for an IPO within the next 18 months.

Porter recently raised a $200 million funding round from Kedaara and Wellington, which valued the startup at a unicorn level following its valuation increase.