Portland Seed Fund has announced the launch of the Intrepid Oregon Fund, with $4 million to invest in early-stage startups focusing on climate tech, healthcare, medical devices, advanced manufacturing, and natural resource innovation. Business Oregon, the state government’s economic development agency, provided anchor funding for the initiative, with additional investors showing support. Portland Seed Fund was selected to manage the investments after a competitive process held by the state agency and the Oregon Innovation Council. Having invested in over 200 companies since its creation in 2011, Portland Seed Fund is considered the most active venture capital investor in the state.
The new Intrepid Oregon Fund has already made two investments. The first is in Bold Reuse, a Portland startup offering reusable dishes and food containers alongside environmental analytics. The company has initiated a reusable cup program at an Arizona State University arena and counts the NBA’s Portland Trail Blazers and the Oregon Convention Center among its customers. Bold Reuse has expanded to Seattle, with a dishwashing facility and projects with Seattle Public Schools, a private school, and catering company Lish. The second investment is in Solid Carbon, a startup in Oregon’s wine country specializing in trapping carbon in concrete through its BioLock product line, advertised as the first commercial carbon-negative concrete product in the U.S.
Steve Eichenlaub and Angela Jackson from Portland Seed Fund will manage the new Intrepid Oregon Fund, with Shashi Jain joining as a venture partner. Initial investments in startups are expected to range from $100,000 to $250,000, with potential for larger follow-on investments for successful scaling companies. The fund aims to invest in 15 or more Oregon-based companies, announcing the fund at the Wings Conference, an annual climate tech event held at Portland State University. While global investments in climate tech peaked in 2021 at $51 billion, they declined to $41.1 billion in 2023, falling short of the private venture capital needed to reach 2030 greenhouse gas targets.
Portland Seed Fund’s investments have included companies such as ESS Inc., SightBox, and Auth0, demonstrating a track record of successful investments. The fund’s new focus on climate tech through the Intrepid Oregon Fund reflects a broader trend in venture capital towards sustainability and environmental impact. With a consistent history of finding and supporting early-stage startups, Portland Seed Fund is well-positioned to identify and grow promising companies in the climate tech sector. The success of Bold Reuse and Solid Carbon, the first two investments from the Intrepid Oregon Fund, highlights the potential for innovative solutions to environmental challenges in Oregon’s startup ecosystem.
