Source
Source is modernizing procurement with expert teams, empowered by an AI-native platform, to help owners and developers protect project capital and reduce procurement risk across FF&E, OS&E, and OFCI scopes. Founded in 2018 by Nicole Schmidt, a former commercial interior designer turned manufacturer’s representative, Source was born from firsthand experience with the inefficiencies plaguing the commercial procurement industry.
At its core, Source sits at the intersection of the built environment’s creative ambition and its operational complexity. The company’s thesis is that great spaces come from aligned stakeholders and disciplined decision-making, not fragmented handoffs. By pairing domain expertise with an evolving, AI-powered platform, Source aims to bring clarity and consistency to how projects move from concept through installation, reducing noise, tightening documentation, and helping teams stay aligned as conditions shift.
Nicole and her team bring deep industry expertise on the entire workflow and a clear vision for making everyone's life easier in the process. They have built a modern procurement platform that solves critical pain points for their customers. From their initial seed round in 2019 to their $8.5M Series A in 2023, Source has demonstrated the product-market fit and growth trajectory we look for in a startup.
The company continues expanding across verticals, including hospitality, senior living, multifamily housing, and healthcare. By maintaining a diversified customer base, Source has weathered market fluctuations while building sustainable, long-term growth.
We feel that Source can be the next iconic AI-native purchasing company based here in Portland, and we are excited to support Nicole and her team along this journey.
“What stood out about the Oregon Venture Fund (OVF) was the sheer depth of their operator network. I wanted partners who could help us think through the hard stuff, not just celebrate the easy wins. OVF brings people around the table who’ve built, scaled, stumbled, and succeeded; and that practical experience is invaluable.”
OVF initially invested in Source in 2019 and has since invested in additional follow-on rounds.
Read more about OVF’s approach to investing on our perspectives page.
Advice for Entrepreneurs from Source CEO, Nicole Schmidt
"If I could offer one lesson, it’s that saying no is often more powerful than saying yes. Early on, it’s tempting to chase every opportunity, but the companies that break through are the ones that stay ruthlessly focused on the problem they’re uniquely positioned to solve. Clarity and discipline will always take you farther than hustle alone."