Maine Venture Fund

Established in 1995 by the Maine Legislature, Maine Venture Fund (MVF) is a state-sponsored venture capital fund dedicated to investing in Maine-based companies with high growth potential and public benefit. Operating as a revolving 'evergreen' fund, MVF has invested over $49 million in 111 Maine companies since its inception, focusing on sectors such as technology, healthcare, manufacturing, and consumer products. The fund seeks to fill the financing gap between research and development activities and bank debt by providing equity capital to small Maine companies poised for scaling and contributing to the state's prosperity. MVF's investment strategy emphasizes collaboration with other public and private entities engaged in Maine's entrepreneurial and small business ecosystem, including the Finance Authority of Maine (FAME), Maine Technology Institute (MTI), and individual investors like Maine Angels. This collaborative approach aims to maximize the impact of investments and foster a robust entrepreneurial environment within the state. MVF's portfolio includes a diverse range of companies, reflecting its commitment to supporting Maine's economic growth and innovation across various industries. The fund's operations are guided by a board of directors with extensive experience in business and finance, ensuring strategic oversight and alignment with its mission to drive economic development in Maine. Through its investments, MVF continues to play a pivotal role in nurturing the state's entrepreneurial landscape, providing essential capital and resources to emerging businesses with the potential to make significant contributions to Maine's economy.

In recent years, MVF has expanded its support for Maine startups by partnering with organizations like The Roux Institute at Northeastern University. In 2022, MVF committed up to $750,000 over three years to invest in Maine-based startups graduating from The Roux Institute Techstars Accelerator. This initiative underscores MVF's dedication to fostering innovation and entrepreneurship within the state. Additionally, MVF has collaborated with regional startup accelerators such as Dirigo Labs in Waterville, Maine, to offer a wider range of equity funding options to companies in central Maine. These partnerships reflect MVF's proactive approach to identifying and supporting high-potential startups across the state, ensuring that emerging businesses have access to the resources and capital necessary for growth and success. By leveraging its position as Maine's largest state-sponsored venture capital firm, MVF continues to drive economic development and job creation, reinforcing its role as a cornerstone of Maine's entrepreneurial ecosystem.

MVF's investment philosophy centers on providing patient capital to businesses that demonstrate a clear path to profitability and a positive impact on Maine's economy. The fund's approach is characterized by thorough due diligence, strategic collaboration with other stakeholders, and a commitment to long-term partnerships with portfolio companies. This methodology has enabled MVF to maintain a strong track record of successful investments, contributing to the diversification and resilience of Maine's economic landscape. As MVF continues to evolve, it remains focused on its mission to support dynamic businesses with the potential for significant growth and impact, ensuring that Maine remains a vibrant and competitive environment for entrepreneurs and investors alike.