Bend Venture Conference co. investments top $1 million
Cascade Angels Fund 2014, LLC has increased its financial position in the first and second place winners of the Bend Venture Conference launch stage competition. This week, the Fund announced an additional $42,000 investment in Poached Jobs and an additional $48,000 investment in Amplion Research, pushing the overall BVC investment to $1,063,300.
“As a major investor in the BVC Fund this year, we were pleased to have such great investment candidates to review,” said Julie Harrelson, CEO at Harrelson Group, manager of the Cascade Angels Fund. “The additional $90K investment will be the final investment by the 2014 Cascade Angels Fund and is a testament to the high quality standard that the BVC is setting, accelerating our efforts to fill in the gap of much needed local patient capital.” Harrelson added that “we are currently in the process of building the 2015 Fund.”
Bend Venture Conference set a record this year with the most cash, investments, and prizes awarded at an angel conference in the Pacific Northwest. Cascade Angels, a nascent year-round angel fund, as announced at BVC in 2013, began investing in the spring of 2014. Along with Amplion Research and Poached Jobs, the company has also put investment money to work with Manzama and Droplr.
“This year’s conference already was record-setting, but this timely close on our top two investments pushes total awards over the million dollar mark,” said Brian Vierra, EDCO’s Venture Catalyst. “The BVC and Cascade Angels Funds completed their final due diligence, negotiation, legal review, and funding within approximately 60 days. We are already hard at work planning next year’s BVC and will continue to build a strong entrepreneurial community through these efforts,” Vierra added.
Here is a break-down of the $1,063,300 tally:
• BVC LLC Fund Angels: $148,400
• Cascade Angels Fund: $211,900
• Seven Peaks Ventures: $350,000
• Oregon Growth Account: $50,000
• Oregon Community Foundation: $25,000
• Craft3: $26,500
• Mandala Fire Starter Marketing Program: 2 Awards totaling $65,000
• BendBroadband concept stage cash prize: $10,000
• Palo Alto Live Plan: $1,500
• Additional side investments: commitments currently at $175,000
“In 2013, angels nationwide invested nearly as much money, but did 17 times more deals than venture capitalists,” said Jason Moyer, Fund Manager for the 2014 BVC LLC. “As companies seek larger funding amounts, expectations are simply more rigorous. The BVC is becoming a true venture conference, helping to elevate the game of both applying companies and angel investors. We’re seeing a virtuous cycle of more money attracting better deals, and better deals attracting more money, so I expect the BVC to continue to set new standards.”
About the Bend Venture Conference (BVC)
The Bend Venture Conference is divided into two categories that consist of five launch stage and five concept stage companies vying for investment, cash prizes, and marketing service awards. The concept stage finalists competed for a $10,000 cash prize from BendBroadband, while the launch stage finalists competed for $896,000 in total investments.
About Economic Development for Central Oregon (EDCO)
Founded in 1981, EDCO is a non-profit corporation, supported by private and public members and stakeholders, whose mission is to create middle-class jobs in Central Oregon by recruiting new employers to move to the region, helping entrepreneurs start new, scalable businesses, and working with our businesses that are already here to grow their operations. This is the fifth year EDCO has managed the BVC. Learn more about the Bend Venture Conference at www.bendvc.com.
About Cascade Angels
Cascade Angels Fund 2014, LLC and Cascade Angels Fund 2015, LLC (Cascade Angels) are based in Central Oregon. Our mission is to create opportunities for investors and businesses in and with connections to Central Oregon to drive economic growth and fuel prosperity. We are committed to building Oregon’s entrepreneurial ecosystem. To learn more about Cascade Angels go to: www.cascadeangels.com
