Kinda went full circle on that headline. But it’s true. The folks at Business Oregon are looking to allocate $15 million worth of capital — and at a $1 to $1 match requirement that means $30 million total — for funds who are willing to dedicate that money to investing in Oregon-based businesses.
Business Oregon believes venture capital fund managers can play an important role in Oregon’s entrepreneurial ecosystem. Oregonians can leverage fund managers’ expertise, networks, and private capital to develop and maintain a strong pipeline of high-growth opportunities.
Business Oregon plans to allocate at least $15 million to SEC-accredited venture capital funds through the BOV Fund Program. Please note that a portion of this amount has been awarded to multiple fund managers through a previous Request for Grant Applications. The SSBCI program places an emphasis on fund managers with access to startups led by Socially and Economically Disadvantaged Individuals (SEDI).
Qualifying funds will have the following:
- State participation limited to Oregon companies only.
- Average portfolio company of fewer than 500 employees.
- Average check size to portfolio companies is smaller than $5 million.
- Portfolio company equity rounds are smaller than $20 million.
- Funds must demonstrate that $1 from the BOV Fund Program will “cause and result” in at least $1 of new private financing at the fund level.
For more information, read the press release or visit the Business Oregon Request for Quotes (RFQ).
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