Sorry, this one kinda snuck up on me. Portland Seed Fund regularly takes the opportunity to invite a bunch of startups to come hang out and practice their pitches to the PSF partners. This time, it’s taking place at the Portland State Business Accelerator.
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.
Lately, it seems there’s been an uptick in sizable funding rounds and private equity investments in the state. With 2018 being a record setting and landmark year, in that regard. But in order to get to those multimillion dollar rounds — or liquidity events — companies have to first get out of the gates. And if they’re seeking seed funding in Oregon, that doesn’t seem to be happening at a rate on par with other states. According to Crunchbase.
Ask any Portland founder what their biggest challenge is and I will bet you that—nine times out of ten—the response will be “talent.” But if you ask them what else—besides talent—is keeping them up at night, the answer will be the same answer it has been since, well, since startups. “Money.” And that’s why it’s nice to see the funding environment here in Oregon continuing to mature. Read More
It’s funny. These days, folks seem to look forward to holidays and breaks so that they can do more work. Focused work. Without interruption. And like it or not, I’ve got something awesome like that for your winter break task list. The Portland Seed Fund has successfully closed their second fund. And as such, they’ve opened applications for their next class. Read More