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Maine Venture Fund (MVF) is a venture capital fund established in 1997, following its creation by an act of the Maine Legislature in 1995. Based in Newport, Maine, MVF focuses on investing in Maine businesses with high growth potential and significant impact. The fund operates as a revolving 'evergreen' fund, having invested over $49 million in Maine companies since inception. MVF aims to grow its assets under management to $100 million by May 2034, reflecting its commitment to supporting local entrepreneurship.
The fund's investment strategy is centered on high-growth, Maine-based businesses that demonstrate a viable plan for return on investment and impact within the state. MVF has a strong emphasis on public benefit and economic development, engaging in community-oriented initiatives to stimulate local economic growth. As of 2025, MVF's portfolio includes 69 companies, showcasing its active role in the Maine startup ecosystem.
Maine Venture Fund invests in high-growth, Maine-based businesses across various sectors, including healthcare, consumer, fintech, climate, biotech, agtech, edtech, AI, commerce, and energy. The fund typically makes equity investments of around $100,000, preferably in convertible preferred stock. MVF seeks companies that operate primarily in Maine, employ fewer than 50 people, or generate less than $5 million in annual revenue. Additionally, the fund emphasizes co-investment, requiring at least a 1:1 matching investment from other sources.
MVF's investment strategy is designed to support early to growth-stage companies, with a particular focus on economic development and female-led businesses. The fund's commitment to local impact is evident in its portfolio, where 30% of companies are led by female CEOs, significantly higher than the industry average of 2%. This focus on diversity and community impact aligns with MVF's mission to foster sustainable growth in Maine.
Maine Venture Fund's portfolio includes a diverse array of Maine-based companies across multiple sectors. Notable portfolio companies include:
As of 2025, MVF has made a total of 254 investments, creating 3,431 jobs in the process. The fund's focus on high-growth potential companies has led to a portfolio that reflects its commitment to economic development in Maine.
Joe Powers: Managing Director at Maine Venture Fund. Joe has extensive experience in venture capital and has led numerous successful investments in Maine-based companies.
Terri Wark: Office Operations Manager. Terri oversees the day-to-day operations of MVF and plays a key role in managing investor relations and communications.
Nina Scheepers: Principal at Maine Venture Fund. Nina focuses on sourcing new investment opportunities and supporting portfolio companies with strategic guidance.
To pitch Maine Venture Fund, founders should visit their website at maineventurefund.com and send an email to Terri Wark at terri@maineventurefund.com. It is advisable to include a comprehensive business plan, financial projections, and details about the team. MVF prefers pitches that clearly outline the company's growth potential and community impact.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial but not mandatory.
Maine Venture Fund runs several programs to support local entrepreneurs, including:
In 2025, Maine Venture Fund invested $3.3 million into Maine companies, adding 13 new portfolio companies, including Whole Trees, North Spore, and Integrated Reality Labs. This marked the largest portfolio in MVF's history, reaching a total of 69 companies.
MVF continues to engage with the community through blog posts and newsletters, with recent topics covering co-investor spotlights and best practices for boards. Their ongoing commitment to local economic development is evident in their investment activities and community initiatives.
What are Maine Venture Fund's investment criteria?
MVF invests in high-growth, Maine-based businesses that demonstrate a viable plan for return on investment and impact. The fund typically invests around $100,000 in companies that operate primarily in Maine, employ fewer than 50 people, or generate less than $5 million in annual revenue.
How can I pitch to Maine Venture Fund?
Founders can pitch to MVF by visiting their website at maineventurefund.com or by emailing Terri Wark at terri@maineventurefund.com. It is recommended to include a detailed business plan and financial projections in the pitch.
What makes Maine Venture Fund different from other investors?
MVF focuses exclusively on Maine-based businesses and emphasizes economic development and community impact. The fund also has a strong commitment to supporting female-led companies, with 30% of its portfolio companies led by women.
What is the geographic scope of Maine Venture Fund?
MVF exclusively invests in businesses located in Maine, with a particular focus on economically distressed areas of the state. This geographic focus allows the fund to have a significant impact on local economic growth.
What kind of support does Maine Venture Fund provide to portfolio companies?
In addition to capital, MVF provides access to a network of resources, mentorship, and support through programs like the Innovate for Maine fellowship and the Dirigo Labs Accelerator. These initiatives help develop entrepreneurial skills and foster growth among portfolio companies.
What is the fund size and check size for Maine Venture Fund?
Maine Venture Fund has a total fund size of approximately $29 million and typically invests around $100,000 in each portfolio company.
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