Today Business Oregon and its Oregon Innovation Council announced a $4 million award
to the Portland Seed Fund that will provide investments in early-stage Oregon businesses
through the Intrepid Oregon Fund.

Portland Seed Fund (PSF) was selected to manage Business Oregon’s
Commercialization Gap Fund III and the $4 million associated with it. The program is
focused on providing capital for entrepreneurs to bring their new technologies and
products to market, as there are very few sources of this type of funding for early-stage
science and technology companies available in Oregon. PSF will now operate the
Commercialization Gap Fund III as the Intrepid Oregon Fund.

The Intrepid Oregon Fund will invest in early-stage companies less than five years old,
that predominately do business in technology and science-focused sectors such as digital
health, healthcare IT, bioscience, medical devices, climate-tech, advanced manufacturing,
advanced materials, and natural resources. The Intrepid Oregon Fund expects to invest in
at least 15 Oregon companies, including follow-on investments.

This investment aligns with the strategies in Oregon’s 10-Year Innovation Plan by
contributing to the commercialization of new products and providing access to risk capital.
The Portland Seed Fund was established in 2011 and invests in local entrepreneurs
capable of scaling high-growth, capital-efficient companies across a variety of industries.
PSF also operates an accelerator program to provide technical assistance and a valuable
network to support the entrepreneurs receiving investments.

PSF announced the $4 million award from Business Oregon at the Wings Conference on
April 25. The Wings Conference gathers and unites Oregon’s most inspiring leaders from
all communities to propel climate innovation.