WELCOME!

We're glad you're here! Our goal is to provide updates on the impact of Oregon Venture Fund portfolio companies and venture capital trends in our region. And, in case you or someone you know is looking for their next gig - you'll also find a few of the open positions at our portfolio companies.

Take a look around and let us know what you think. Thanks for being here.

FUND NEWS + PERSPECTIVES

ConductorOne: Why We Invested

As AI reshapes how work gets done, enterprise security is entering a new era. The number of applications and identities companies must manage is exploding. Traditional identity management and permission systems weren’t built for this complexity. ConductorOne, with 30 engineers in Portland, provides an innovative solution for managing and governing the growing number of human and non-human agentic identities. That's one reason why OVF participated in this month's $79M growth round. Read more about our investment in ConductorOne and co-founders Alex Bovee and Paul Querna [pictured] in Deepthi Madhavi's Why We Invested.

Free Money

Most gains distributed to OVF investors have been free of federal, state, and local taxes for residents in Oregon and Washington. In 2026, a top-tax-bracket investor in Multnomah County would pay 23.8% federal, 9.9% Oregon, 3.8% Multnomah County preschool, and 1% Metro homeless tax for a combined 38.5% on long-term capital gains. However, for OR and WA residents the combined total tax rate on OVF gains is more likely than not to be 0%. What? How? Details in Eric Rosenfeld’s perspective. 

Huckleberry: Why We Investesd

Providing feedback to colleagues can be laborious and onerous. Feedback is overdue for a change. Enter Huckleberry. Through concise, AI-assisted voice-based prompts, anyone in an organization can seek and receive authentic 360 feedback from subordinates, peers, managers, and turn that input into a portable professional profile which may be used to generate an AI-driven coaching plan and development record. Co-founders Aaron Ward and Diogo Bohm [pictured] are on to something important. Read more about why OVF opted to lead their pre-seed round in Alline Akintore's Why We Invested.

We're Hiring

OVF is seeking to hire 1-2 associates or principals to work closely with our investing team and venture partners to source and screen startups. Candidates should be early career and have experience with venture-backed software startups and venture capital; strong technical, quantitative, and communication skills; and be an enthusiastic go-getter and relationship-builder with a passion for Oregon and the Pacific NW. Thank you for spreading the word! Position description.

PORTFOLIO NEWS

NLM Photonics Goes to Space with NASA

NLM's photonic chips recently arrived at the International Space Station as part of a year-long experiment. The insights gained from this mission will contribute to the development of more durable materials for future spacecraft, satellites, and habitats, opening up the potential for lunar bases, supporting NASA’s goals for a long-term human presence in space. For NLM Photonics, the mission validates the performance of their OEO materials, positioning the company at the forefront of photonic technology for both space and Earth-based applications. Impressive! Read more about NLM's impact in their recent press release.

Upsight Security acquired by Arctic Wolf

In 2023 OVF invested in local endpoint security startup UpSight Security. This month UpSight was acquired by Arctic Wolf in an all-stock transaction. Arctic Wolf will leverage UpSight's patented technology to accelerate the future delivery of AI-powered ransomware prevention and rollback capabilities within Aurora Endpoint Security. Arctic Wolf plans to invest heavily in growing and marketing the solution. Read more in the press release.

Digs Selected as Inc Magazine Power Partner

Congratulations to the Digs Team, including co-founders Ty Frackiewisz and Ryan Fink [pictured], for being selected as an Inc Magazine Power Partner in SaaS. Digs is one of the companies that just makes life better as they streamline the home construction process using AI and a collaborative platform to ensure smart file management, simplified planning & collaboration, and streamlined warranty support. Read more about what their customers are saying in the Inc article and list of Power Partners.

JOBS

Looking for your next gig? Know someone who is? Below are just a few of the open positions at some of OVF's portfolio companies. Please take a look and pass them along.

Sr Acct Exec - EMEA - Customer.io

Manager, FP & A - Bigleaf Networks

Customer RevOps Manager - Magnify

Browse the OVF job board for a complete, up-to-date list of 100+ openings at a number of OVF portfolio companies.

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Since its founding, OVF has invested $199M in 87 companies that have created over 6,423 jobs. 32% of our portfolio companies are founded or led by women and 22% by entrepreneurs of color.

Pitchbook places OVFs total return in the top 25% of ALL global venture funds (1Q2025).

OVF's corporate partners share our passion for supporting local entrepreneurs:

Disclosure: This newsletter is intended to provide general information regarding OVFs investments and impact and not for the purpose of soliciting investors for any fund. Under no circumstances should the information provided be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made to accredited investors and qualified purchasers pursuant to the current offering documents of the relevant OVF Fund. The information provided may not be reproduced or disseminated to any third parties without the written consent of OVF. The past performance of previous OVF Funds and portfolio companies is not necessarily indicative of future results. Investors in OVF Funds may lose investment capital. There can be no assurance that any future OVF Funds or portfolio companies will achieve comparable results.