Portland startup, open source, and tech news, jobs, and events #pdx
While I’m extremely lucky to get the opportunity to see all kinds of amazing founders and companies here in Portland, it’s always nice when they’re recognized on a larger stage. Like today, when Marceau Michel and his venture capital fund, Black Founders Matter, were featured in The New York Times.
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Speaking of new venture capital funds in Portland… Granted everything is pretty grim right now. And energy is hard to come by. Let alone optimism. So when there is a glimmer of something hopeful in the Portland startup community, that seems like something to celebrate. Like Portland’s Black Founders Matter fund making its first investment. In a Black founded Portland startup. And then that news making it into TechCrunch.
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I can confidently say that there will never be enough accessible capital to adequately support entrepreneurs. So we’ll always have that to complain about. But that’s also a massive opportunity. Because there is also plenty of room for new players — and new models — to emerge. And another one just did. From Sahil Lavingia, founder of Gumroad.
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It’s funny because it’s true. If you’re thinking about pursuing an investment from venture capitalists for your startup then this should probably be required watching. From Foundry Group‘s Chris Moody. (Because apparently this pandemic has inspired him to become a YouTuber 😂)
Remember a few weeks back when I mentioned that TechCrunch was compiling a list of venture capitalists that regularly wrote the first checks and led rounds for folks? Well, even if you don’t, the list is now available. It’s called The TechCrunch List. And it features nearly 400 investors, currently.
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The dynamics of venture funds are very much akin to the dynamics of startups. It’s rarely smooth. It’s often a series of fits and starts. And fundraising. And pivoting. Until a fund really hits its stride. But I’m happy to report that Black Founders Matter is beginning to get some early traction and has announced its first investment as part of the funding for A Kids Book About.
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Stop me if you’ve heard this one before. A company manages to land early stage capital and, in so doing, decides to move their headquarters from their founding city to a city closer to their investor. Of course you’ve heard it. It’s something that regularly happened to Portland companies not so long ago. But today, there’s a new twist. Instead of companies leaving town, folks are starting to relocate those headquarters to Portland. And this time, at least part of that decision was thanks to a local investor.
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Apparently, it just takes a little while for an idea to gain traction. After years of founders bemoaning a lack of early stage funding, a new crop of early stage venture funds are taking shape here in Portland. First, 1859 Ventures launched a new early stage venture fund. Now Cowen Partners Venture Fund has launched.
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Short note. Even if you’re not a basketball fan, you’ve probably heard the news that Carmelo Anthony is signing with the Portland Trail Blazers. If you are a basketball fan, this is probably feeling a bit like the time that the Blazers signed Pippen. Or maybe that’s just me. In any case, I’m admittedly more interested in ‘Melo’s potential impact off the court. Because when he’s not on the hardwood, he’s also an aspiring investor—with a successful exit. So this could potentially be an interesting addition to the Portland startup community, as well. We’ll just have to wait and see.
The big news around the Portland startup community today — and likely for some time to follow — surrounded the latest round of funding for Vacasa. Why? Because the size of the round — at $319 million — was unusual. And the valuation for that round catapulted the company into unicorn territory.
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