The Portland Seed Fund has announced the launch of the Intrepid Oregon Fund, a new initiative with $4 million to invest in early-stage startups focused on climate technology, as well as healthcare, medical devices, advanced manufacturing, and natural resource innovation. Business Oregon, the state’s economic development agency, provided anchor funding for the fund, and additional investors have pledged their support. The fund will be managed by Portland Seed Fund, which has invested in over 200 companies since its creation in 2011 and is the most active venture capital investor in the state. Investments made by Portland Seed Fund include companies such as battery manufacturer ESS Inc., SightBox, and Auth0.
The new Intrepid Oregon Fund has already made two investments in startup companies. The first is in Bold Reuse, a Portland startup providing reusable dishes and food containers paired with environmental analytics. Bold Reuse has partnered with various organizations, including Arizona State University, the NBA’s Portland Trail Blazers, and the Oregon Convention Center. The second investment is in Solid Carbon, a startup located in Oregon’s wine country that is trapping carbon in concrete. Solid Carbon’s initial product line, BioLock, is described as the first commercial carbon-negative concrete product available in the U.S. Both companies are working towards sustainable solutions in their respective industries.
Steve Eichenlaub and Angela Jackson of Portland Seed Fund will manage the Intrepid Oregon Fund, with Shashi Jain joining as a venture partner. The fund plans to make initial investments in startups ranging from $100,000 to $250,000, with the potential for follow-on investments for companies that continue to scale. Intrepid Oregon Fund aims to invest in 15 or more Oregon-based companies, with a focus on supporting innovative startups in the state. The fund was announced at the Wings Conference, an annual climate tech event held at the Portland State University campus.
The investment landscape for climate tech has seen fluctuations in recent years, with global investments in the sector decreasing from a peak of $51 billion in 2021 to $41.1 billion in 2023, according to PitchBook. Despite these declines, experts emphasize the need for significantly higher investments to meet greenhouse gas targets by 2030. Deloitte has warned that private venture capital may fall $2 trillion short of what is needed to achieve these targets, highlighting the importance of continued investment in climate technology. The Intrepid Oregon Fund’s focus on climate tech startups demonstrates a commitment to supporting innovative solutions in this critical area.
