Seven Peaks Ventures, based in Bend, has raised $28 million to invest in early-stage technology companies in the Pacific Northwest and West.
Leading institutional investors in the Northwest, including the state of Oregon and the Oregon State University Foundation, committed capital to the fund Seven Peaks Ventures II, the firm stated in a news release. Seven Peaks raised money from other institutions, high net-worth families, and returning limited partners.
Seven Peaks II is more than three times the size of the $8.1 million fund that the firm launched in 2013.
“Over the past five years, we’ve worked hard to claim a spot for Oregon on the map as a viable hub for capital and a great place to start a business,” Seven Peaks founder and Managing Director Dino Vendetti said in a news release.
“In that time, we’ve expanded our team, advisors and events portfolio to provide the highest level of coaching and support to entrepreneurs in the Northwest and beyond in other dynamic western U.S. markets.”
Seven Peaks’ first fund was the first institutional capital raised by several companies: Portland-based CrowdStreet; Opal, a marketing collaboration platform with customers in the Fortune 500 and Bright.md, which uses artificial intelligence and machine learning to assist with patient visits in hospital systems. Seven Peaks helped each of these companies raise subsequent rounds of capital, according to the news release.
Seven Peaks II has invested in seven companies: Trusona, Matcherino, Metricstory, Owl Insights, Cricket Health, Torch 3D and ZAPinfo.