Portland startups, open source, and tech news, jobs, and events #pdx
The Portland Seed Fund, one of the most active investors in Seed stage companies in the state, has been working to invest in early stage startups for more than a decade. But they’ve had a couple of meaningful firsts recently. All thanks to ESS, a startup in their portfolio.
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Every year, when the GeekWire Awards are announced, I scour the nominees to see if there are any Portland folks on the list. Some years, there are none. Some years, there are a few. This year, there’s one. And a couple of tight Portland connections. But one thing is for certain: they would all appreciate your vote.
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While Auth0 is a Seattle company, they do have a distinct Portland tie. You see, the Portland Seed Fund was one of the company’s early investors. And today was a big day for everyone involved, given that it was just announced that Okta is acquiring Auth0 for $6.5 billion.
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Over the last thirteen years, I’ve had the opportunity to write about a lot of Portland startups. A lot. And sometimes, despite my best intentions, those startups fall off of my RADAR. So it’s always nice to see them pop back up again with good news. Like Portland startup 4-tell. Which has been acquired by Searchspring.
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In some industries, the idea of “closing” can be the worst possible outcome. But in the world of startups, closing is often a very good thing. And the latest news from the Portland Seed Fund is no different. The Portland Business Journal just revealed that PSF has just closed their third fund to the tune of $13.9 million.
While the term unicorn has lost a bit of its luster as of late, it’s still an impressive milestone for any company to achieve a $1 billion valuation, but especially for a northwest company to do so. That’s why it was interesting to see Portland Seed Fund portfolio company Auth0 announce its Series E raise, which officially gives it the unicorn moniker.
Founders tend to be an optimistic bunch. But optimism can only get you so far. And if you’re looking to pursue venture capital as a means of financing your startup, that optimism is going to take some lumps as you pitch, refine, pitch, refine… Lather rinse repeat. So it’s always nice when that pitch feedback comes with some added perks. Like pizza and beer.
Last night, the Technology Association of Oregon (TAO) held their annual Oregon Tech Awards celebration gala, their biggest event of the year. (Coincidentally, GeekWire held their big Seattle tech awards last night, too.) And the Portland startup community was well represented.
I’ve been talking to a lot of people lately about broadening the spectrum of Silicon Florist coverage. To cover more than just tech. Because there is all kinds of interesting stuff going on around here. And some recent news seemed like the perfect excuse to start doing that. You see, Portland Seed Fund and Starve Ups alum Sightbox has been acquired by Johnson & Johnson.
Over the past ten years, we’ve seen a change in venture capital in Oregon. Previously dominant VCs have stopped investing or become less active while a series of new players have entered the market. And outside investment—folks from other states who have invested in Oregon companies—has definitely seen an upswing. But who are the new leaders in VC in Oregon startups—and are they local? PitchBook crunched some numbers for us.