PDC, Multnomah County, and State of Oregon Commit $1.25M to Inclusive Startup Fund; Kick Off Search for Fund Manager
August 19, 2015
The Portland Development Commission (PDC), the city of Portland’s economic development agency, has launched the Inclusive Startup Fund with $500,000 contributions from both PDC and Multnomah County and a $250,000 commitment by Oregon Governor Kate Brown and Business Oregon, PDC’s state counterpart.
PDC released a request for information on Wednesday, August 19, to identify and select a professional manager for the fund, who will be expected to raise an additional $1.75 million from private investors and foundations to meet a $3 million goal for total initial capital in the fund’s first year.
The fund will invest between $20,000 and $50,000 each in startups founded by underrepresented groups in a variety of industries; mentoring and business advising services will accompany each investment.
PDC Executive Director Patrick Quinton said, “The Inclusive Startup Fund represents PDC’s ongoing commitment to support and cultivate entrepreneurs from underrepresented populations. We’re eager to take this next step toward providing better access to capital for startups with diverse founders.”
Multnomah County Commissioner Loretta Smith, who pushed forward the amendment that secured the county’s portion of the funding, said, “Our local startups play an important role in job creation and economic progress here in Multnomah County, so we are very proud to provide funds that will support the growth of underserved entrepreneurs in the region.”
Contact: Shawn Uhlman, PDC, 503-823-7994