Business Oregon believes venture capital fund managers can play an important role in Oregon’s entrepreneurial ecosystem and that Oregonians can leverage fund managers’ expertise, networks, and private capital to develop and maintain a strong pipeline of high-growth opportunities.
The first deadline to submit applications for the Business Oregon Venture (BOV) Fund Program has passed, and we are not currently reviewing applications. Business Oregon anticipates receiving a second tranche of funding from U.S. Treasury by the end of 2023 or early in 2024, part of which will be used to fund the BOV Fund Program. Details regarding the timing and amounts are not yet known. As details are worked out, Business Oregon will provide additional details including on how to apply for this funding.
Basic criteria for venture capital fund strategies include:
- State participation limited to Oregon companies only.
- Average portfolio company of fewer than 500 employees.
- Average check size to portfolio companies smaller than $5 million.
- Portfolio company equity rounds smaller than $20 million.
- Funds must demonstrate that $1 from the BOV Fund Program will “cause and result” in at least $1 of new private financing at the fund level.
Business Oregon is not currently reviewing applications for the Business Oregon Venture (BOV) Fund Program. However, we anticipate receiving a second tranche of funding from U.S. Treasury by the end of 2023 or early in 2024, part of which will used to fund the BOV Fund Program. Business Oregon will provide updates on the application process when more information regarding the timing and amount of funding is available.