Economic Development of Central Oregon announced this morning that it has secured a second larger investor for the upcoming Bend Venture Conference. Seven Peaks Ventures Fund, based in Bend, will invest $100,000 in the launch stage company competition.
That investment brings the total BVC fund to nearly $300,000, the largest amount of capital available to BVC competitors in the conference’s history.
“The news of Seven Peaks’ additional investment to the 2014 BVC is important in many ways to many different stakeholders in Central Oregon,” said Brian Vierra, EDCO Venture Catalyst, in the EDCO news release.
“The BVC is publicly acknowledged as one of the most important events in Oregon. The fact that we are orchestrating such a high quality event from Central Oregon is a testament to the spirit of the entrepreneurial ecosystem here. Mentoring and fostering start-ups is just one way EDCO works to create jobs in our communities. The BVC is our chance to publicly showcase the fruits of our labors,” he added.
BVC divides competitors into concept and launch stage companies. The latter have already developed a business plan, launched a limited roll out of its product and may even be generating some revenue. The $100,000 Seven Peaks Investment Award can be granted to either one company or spread among the five competitors.
“We created the Seven Peaks Investment Award to complement the existing BVC fund and to offer the entrepreneurial community here in Central Oregon the capital and expertise they need to build their businesses – hopefully creating a more level playing field for those companies that don’t have access to the financial infrastructure and services that exist in more mainstream tech meccas like Silicon Valley,” said Dino Vendetti, General Partner at Seven Peaks Ventures.
The Seven Peaks Investment comes on the heels of another large investment, $121,900 from Cascade Angels, a Bend-based angel fund. The Oregon Growth Account and Oregon Community Foundation have made investments as well.
Concept stage companies will be competing for a $10,000 cash prize from BendBroadband. Touted as the largest angel conference in the Pacific Northwest, BVC will take place on Oct. 16th and 17th in Bend.
You can reach Kelly by email at [email protected].