Oregon SSBCI venture capital, fund, direct, and royalty routes

The BOV Fund Program is the manager route

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 direct route is a co-investment program

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 royalty route is not venture equity

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.