Bend-based Seven Peaks Ventures recently announced that they’re raising a second fund of $30 million to invest in up to two dozen startups around the Pacific Northwest. The VC’s first $7.4 million fund backed 20 companies, including Bend startups Droplr, Manzama and Amplion, as well as startups in Portland, San Francisco and Boulder. In a story in Geekwire today, general partner Dino Vendetti says:
“What we learned in Fund I is that there is a growing number of high quality startups and entrepreneurs who are building businesses in places like Seattle and Portland, and these entrepreneurs need the support and help from experienced investors with company-building backgrounds to help them navigate their journey in scaling their startups,” Vendetti told GeekWire.
Vendetti said that in markets like Seattle and Portland, there is a “distinct shortage” in investment between seed round angel investors and larger venture capital funds. Seven Peaks aims to fill the gap in between.
“That’s the hole in the market that we intend to help fill in a thoughtful, focused, manner,” said Vendetti, who is also bullish on Bend’s future as a startup hub.
Seven Peaks is halfway through raising their fund, according to Geekwire. The capital gap is real, and having a local VC intent on raising funds to back regional companies is very good for our ecosystem. Money that’s raised and then deployed here and the in the broader PNW not only helps more companies start in our region, but it helps them stay as they grow, which is exactly what we want. Good luck Seven Peaks!
You can reach Kelly by email at [email protected].