PDC earmarks startup funds

The Portland Development Commission has revealed three new funding initiatives for entrepreneurial ventures.

The group’s investments include pouring money into a new seed fund touted by Portland Mayor Sam Adams. Adams announced the Portland Start-Up Fund during his State of the City address early last month. The seed fund will invest $250,000 in early-stage businesses.

The commission will put $500,000 in the fund. An independent financial management team will oversee the fund, which could begin making investments in June.

The PDC also will put $21,000 into two companies chosen as winners in the Angel Oregon event, which takes place March 5. The event gives money to one launch-stage company and one seed-stage company.

The commission has further awarded $35,000 to Portland Ten, an entrepreneurial development organization that works with early-stage companies. The PDC money will expand the organization’s 12-week boot camp, which aims to help ten Portland startup companies reach the $1 million revenue mark by next October.

PDC also announced it would sponsor the new Pivotal Leaders program. The $15,000 it is contributing will help nurture clean technology companies around the Portland area.

The PDC is Portland’s urban renewal and economic development agency.