The Portland Development Commission today launched a new $3 million fund that will invest in startups founded by underrepresented groups.
The PDC, which runs city’s economic development agency, already has $1.25 million committed to the “Inclusive Startup Fund” from the City of Portland, Multnomah County, Oregon Governor Kate Brown, and Business Oregon. The goal is to raise another $1.75 million from private investors and foundations.
The fund will give each startup $20,000 to $50,000, in addition to mentoring and advising services.
“The Inclusive Startup Fund represents PDC’s ongoing commitment to support and cultivate entrepreneurs from underrepresented populations,” PDC Executive Director Patrick Quinton said in a statement. “We’re eager to take this next step toward providing better access to capital for startups with diverse founders.”
The PDC has focused on entrepreneurs with diverse founding teams in the past, like helping run the Startup PDX Challenge this past September, for example. The organization is now accepting applications for a manager to run and manage the new Inclusive Startup Fund.