Portland startups, open source, and tech news, jobs, and events #pdx
According to Crunchbase, Oregon was ranked 24th in the US in terms of Series A and Series B venture capital raised during the second and third quarters of 2021 — with a total of $119 million raised. They also noted that this marked an improvement of 88% over the same time period, last year.
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I know I’ve been sharing a lot of pitch competitions and the like as of late. But you know you’ve got to put yourself out there to get your startup going. Now there’s another opportunity with the 2022 Beaverton Startup Challenge.
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As regulations around investing in startups continue to be refined, the ability to raise equity based financing from the crowd — or Reg CF for shorthand — has become a new opportunity for startups to find the funding they’re seeking by tapping both accredited and unaccredited investors, legally. Today, Portland’s Customer.io tested the Reg CF waters and it looks like that water is just fine. They’re currently more than 7000% over their target and are closing in on $2 million raised on a SAFE.
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Earlier today, I shared the news that Portland startup Reclaim.ai had raised a $4.8 million Seed round, with some notable investors in tow. So notable, as a matter of fact, that a number of other writers took notice.
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It’s not just proprietary technology that’s entering the space race. Open source has a spot, too. Like the Portland State Aerospace Society. And recent Portland transplant Kubos, a company that manages an open source framework for satellites, which just landed another round of funding bringing its total raised to $5.3 million, according to Crunchbase.
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“Risk averse. Conservative.… Out of touch.” They’re all complaints I’ve heard from Portland startup founders when describing the earliest stages of raising capital around these parts. But I always assumed that Seattle — with its extensive tech presence of major headquarters and massive regional offices — was a better environment. Apparently, it’s not. Those quoted comments are Seattle startup founders describing their Angel investment community.
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So many folks get into building a company with the idea that they’re going to raise venture capital. As if that was the only way to finance a company. And as if they actually understand what raising equity based financing even entails. [Narrator: It isn’t. And they don’t.]
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So during this whole pandemic thing, people are starting new things. And I’ve talked to quite a few folks who have been inspired to start new startups. But given that finding cofounders, team members, funding, and practically anything that doesn’t involve just you is exceptionally difficult while we’re all in isolation, starting a startup can be even more difficult than it used to be.
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Fundraising is difficult. Even more so if you go into it uninformed. That’s why I’m always happy to see sessions that help educate founders on the challenges and opportunities around accessing capital, locally or otherwise. Like the upcoming session of Coffee w/ Co-Founders on early stage fundraising.
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Curious about who in the northwest is getting funding? Well, if diving through Crunchbase or Pitchbook isn’t exactly your cup of tea, our friends at GeekWire have simplified it for you. Introducing the GeekWire Startup Funding List.