CEL is pleased to announce the close of our $1MM pre-seed raise, which was led by Portland Seed Fund.
Portland Seed Fund (PSF) is a top-performing early-stage venture fund focused on investments in Portland and the Pacific Northwest. As an industry-agnostic fund, they seek to fund companies that are capital efficient and have high growth potential.
The fund has invested in dozens of companies. When it started in 2011, it was one of the few Oregon-based venture funds, playing a key role in the growth of Portland’s startup community. At $20 million, Fund IV is the largest fund yet for the 11-year-old organization. Its second-largest fund, Fund III, closed at $13.9 million in 2019. These funds have allowed PSF to invest more money into startups, pursue follow-on funding, and lead additional seed rounds.
PSF invested in CEL with funds raised through its Fund III, Fund IV, and a Special Purpose Vehicle in which a number of other investors participated. Through all of these funds, PSF raised significant capital on CEL's behalf. According to PSF's co-founder and co-managing director, 73% of Fund III investments had a woman or person of color on the founding team and 64% of those were in the CEO role.