Portlanders are fiercely loyal to local businesses, sometimes going so far as boycotting them when they sell out to bigger, out-of-town companies. Even before coffee roaster Stumptown sold to Peet’s in 2015, many locals opted to get their single-origin brew elsewhere after learning that private equity firm TSG Consumer Partners snapped up a majority stake in 2011.
While there are lots of angel investors and seed investing outfits in Portland, there’s very little VC money. “It’s forced companies to be very capital efficient,” says Portland Seed Fund’s Angela Jackson. “People have to learn how to get on a plane and be competitive.”