Cascade Seed Fund Closes On Sixth Fund At $5.4 Million

By Annie Baker ● October 24, 2019
  • Cascade Seed Fund recently announced it rebranded to Cascade Angels Fund and closed $5.4 million for its sixth fund.

Cascade Seed Fund recently announced it rebranded from Cascade Angels Fund. And Cascade Seed Fund held an initial close on the sixth fund at $5.4 million.

Cascade focuses on early-stage technology and consumer products companies located in Oregon and the Pacific Northwest. And the fund seeks to support entrepreneurs who are seeking their first outside capital for their companies after having a product and initial customer traction.

The Cascade Seed Fund will invest more like a traditional venture fund over 3 years with follow on investments while still benefiting from the expertise and experience of an Investment Committee to help review and evaluate potential investments. And the investors in the fund include individual and institutional investors including Oregon Community Foundation and the State of Oregon.

“I’m excited to be part of the Cascade Seed Fund and on the Investment Committee,” said Jill Nelson, founder and former CEO of Portland-based Ruby Receptionists. “Being involved in this way provides me the ability to help review investment opportunities as well as make direct connections with great entrepreneurs early in their journeys.”

The Cascade Seed Fund is managed by 44North Ventures under the leadership of Julie Harrelson and Robert Pease. Harrelson founded Cascade Angels Fund in 2013 and managed all five predecessor funds to Cascade Seed Fund totaling over $6.5 million in early-stage capital and more than 30 investments. And Pease has over 20 years of experience as an investor, founder, operational executive, and consultant.

“Our target average investment of $250,000 fills the gap between individual angel investors and larger institutional funds that have higher minimum investment amounts,” added Pease. “Our fund size also gives us flexibility in the stage, industry, and return potential of our investments that is aligned with our regional entrepreneurial ecosystem.”

Harrelson and Pease also personally established the Cascade Seed Fund Innovation and Entrepreneurship Scholarship at Oregon State University. And Cascade intends to provide tuition assistance to students who demonstrate an interest in entrepreneurship and possess leadership potential.

“We invest in overlooked entrepreneurs: market disruptors, minorities, and those located outside major metropolitan centers and in rural communities,” commented Harrelson. “This fund and our new name are building upon six years of seed-stage investing and we are excited to begin the next phase of our work.”