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Blueprint Intelligence / Specialized Pathways / Oregon SSBCI venture capital, fund, direct, and royalty routes
Specialized Pathways
Oregon separates venture fund investments, direct co-investment, and royalty-based debt, with different applicants and obligations for each route.
Oregon's SSBCI capital structure includes two venture capital programs and a royalty-based debt program. The Business Oregon Venture Fund Program invests in SEC-accredited venture funds, the Venture Direct Program invests directly in Oregon startups through a co-investment partner, and the Oregon Royalty Fund provides a debt alternative for high-growth companies.
The program invests in SEC-accredited venture capital funds that need capital to become operational or scale. State participation is limited to Oregon companies.
Basic criteria include an average portfolio company of fewer than 500 employees, average company checks below $5 million, and rounds below $20 million. The fund must demonstrate that each dollar of BOV support will cause and result in at least one dollar of new private financing at the fund level.
As of the research date, Business Oregon's Venture Fund page says it is accepting applications.
The Venture Direct Program makes direct equity investments in Oregon startups through a co-investment partner. This is company-level capital, not a fund commitment.
The company and private co-investors must satisfy the program's eligibility and matching requirements.
The Oregon Royalty Fund provides a debt alternative for high-growth, traded-sector companies. Repayment is tied to revenue rather than structured as ordinary venture equity.
A company should evaluate the royalty route separately from the equity programs because the economics and obligations are different.
Oregon offers a useful three-way distinction: fund-level venture capital, direct company co-investment, and royalty-based debt.
Source check recorded: August 2, 2026.
Use this guide to prepare the conversation, then confirm current terms with the program administrator. Eligibility, investment limits and application windows can change after the recorded source date.
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