Oregon Venture Fund’s Unique Structure

Lynn Fletcher

June 2024

We hope you have had the opportunity to read The Origin Story of OVF (Oregon Venture Fund). If not, please check it out here. Taking the story a bit further, did you know OVF is comprised of distinct types of investors? Did you know that some participate in the fund's work? Are you curious about this structure and how it benefits our ultimate customer, the founder?

Financial investors: This growing group includes individuals and institutions. They understand we must invest in our local entrepreneurs and the returns are the icing on the cake. The State of Oregon and The Oregon Community Foundation have been investing with OVF since the early years. We are delighted to see their continued support and alignment. Recent additions include Pacific University, Austin Family Foundation, and Lewis & Clark College. This growth and increased awareness allowed us to recently convene over 40 representatives from 28 different institutions including higher education, foundations, wealth management firms, banks, and corporations. They came together to share initiatives and discussed the importance of investing locally (article here).

Venture Partners: It has been said that Venture Partners are OVFs “secret sauce.” This is so true! Venture Partners are a group of about 180 investors who have been rigorously selected based on their expertise and ability to help founders. 90% have founded or led a company themselves. They introduce founders to OVF, they advise founders, and some participate in diligence efforts and portfolio support, as well. Some Venture Partners are highlighted here and many can be found by searching LinkedIn.

Ambassadors: OVF Venture Partners are some of the most connected individuals in our region. The ambassador program leverages their involvement in other organizations to spread the word of OVF. They may sit on a board of a university, foundation, or startup organization like OEN (Oregon Entrepreneurs Network), TAO (Technology Association of Oregon), or TiE. Our goal is to connect the dots, ensure all stakeholders in our region are aware of each other, and find appropriate opportunities to work together. We know we can create more resources for entrepreneurs and realize a larger impact together.

Champions: A subset of Venture Partners have expertise in starting and scaling early-stage companies and help “champion” founding teams that may be a bit early for investment. They act as advisors helping navigate topics such as when to fundraise, how to find development partners or early customers, fleshing out go-to-market strategies, and more. It is important to note, this is not a program. Founders and investors are not assigned. It is a two-way street. The entrepreneur and champion self-select and chose to work together. The problem a company is solving, the investors expertise & background, and compatible personalities all determine if a relationship develops.

Board Members: Some Venture Partners have the specific skills needed at the time we invest to be impactful portfolio company board members. We work to ensure all candidates include underrepresented individuals.

Advisory Board: OVF’s advisory board (fondly called the Council of Wise OVFs) is comprised of long-time individual investors, institutional investors, and exited entrepreneurs. We believe it is important to connect with this group regularly for ongoing feedback on fund strategies, helping ensure we provide the most value to our investors and entrepreneurs.

Community Partners: There are many organizations in our region working to bring success to entrepreneurs. Long time OVF partners include: Tonkon Torp, Geffen Mesher and Stoel Rives.

These efforts and others are supported by our 9-person fund management team. As you can imagine, our collaborative model requires a great deal of organizing, communicating, and convening. It’s also our competitive edge and key to sustained success. Collectively, we are working hard to create a vibrant entrepreneurial community and positive economic impact for generations to come.