When I caught the news about Orchestra Software’s equity round, I was immediately reminded of Jama Software. Both companies were bootstrapped early on. They both took on investment after a number of years in business. And the amount of the funding was roughly the same amount.
Startup exits—or “liquidity events” as they call them in the biz—are great. And when the exits are multiples of the amount of capital a company has raised, they’re great for both the founders and the investment community. But sometimes the impact of those exits and their impact on the Portland startup community can be a little more nuanced. So I thought I’d share some thoughts on why the recent Cozy and Radar exits are important to our community.
One of the challenges of the Portland startup community has always been momentum. We sometimes have great—at times even fantastic—startup news, like an exit or a major announcement. But more often than not, that happens as a solitary instance. And then it’s some time before the next major announcement. So it’s rare to have a day like today where both Torch 3D and Vacasa have major news.