Three Oregon investment groups are receiving funds from the state's economic development group.
Business Oregon made the $5 million in disbursements as part of a federal program aimed at funding businesses in underserved areas or those owned by people from socially and economically disadvantaged groups.
The recipients are:
- Portland-based BFM Fund is expected to receive $3 million. The group invests in early stage companies founded by BIPOC entrepreneurs.
- Portland-based VertueLab is expected to receive $1.5 million. The Pacific Northwest nonprofit invests in and supports companies in cleantech.
- Corvallis-based ONAMI is expected to receive $500,000. The nonprofit was founded as one of three signature research centers across the state (VertueLab predecessor OregonBest was another) to commercialize research coming out of state universities. It focuses on materials and device startups.
The groups must match the funding, which, said Amber Nabors, spokesperson for Business Oregon, they'll actually receive by Jan. 1, giving them time to raise their matching funds.
BFM will invest its funds in new ventures, as opposed to portfolio companies, said Himalaya Rao-Potlapally, managing director of BFM. The group has already secured half of the needed match. The group is in talks with individual investors, foundations and others that support the mission to create an inclusive entrepreneurial ecosystem, she added.
The $5 million from the state is part of the Business Oregon Venture Fund Program. The program is funded through the State Small Business Credit Initiative, which is part of the American Rescue Plan Act of 2021.
