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Millworks Fund is a venture capital fund established in 2017, based in Manchester, New Hampshire. The fund was created with the collaboration of 40 individual investors from diverse sectors, including development, banking, investment, accounting, legal, healthcare, and high-tech. This collective approach aims to strengthen New Hampshire's startup community and attract additional investment to the state.
With a total fund size of $2 million, Millworks Fund commits $600,000 annually for three years to support local startups. This funding is directed towards initiatives such as the New Hampshire High Technology Council’s TechOut competition and Alpha Loft’s Accelerate NH program, which provide essential resources and support to emerging businesses.
Millworks Fund operates with a clear mission to enhance the local startup ecosystem by investing in early-stage companies, particularly those involved in technology, manufacturing, and cleantech. The fund's headquarters is located at 848 Elm Street, Unit #200, Manchester, NH 03104.
Millworks Fund primarily invests in early-stage startup companies located in New Hampshire, focusing on pre-seed and seed stages. The fund's investment strategy emphasizes sectors such as biotech, construction technology, technology, manufacturing, and cleantech. This targeted approach aims to bolster the local startup ecosystem by providing financial support and resources to emerging businesses.
The fund allocates its annual commitment of $600,000 through structured programs, including $300,000 to winners of the New Hampshire High Technology Council's TechOut competition and $300,000 to participants in Alpha Loft's Accelerate NH program. These initiatives not only provide funding but also offer training, mentoring, and coaching to help startups grow and succeed.
Millworks Fund seeks founders who are dedicated to building their businesses in New Hampshire and who can benefit from the resources and support offered through these programs. The fund's investment philosophy is rooted in enhancing local entrepreneurship and fostering collaboration within the startup community.
Millworks Fund has invested in several notable startups through its initiatives. The current portfolio includes:
These companies exemplify the fund's commitment to supporting innovative solutions in technology and manufacturing sectors. Millworks Fund's involvement in the New Hampshire High Technology Council’s TechOut competition and Alpha Loft’s Accelerate NH program further enhances its portfolio by providing startups with essential resources and networking opportunities.
Elizabeth "Liz" Hitchcock - Co-Managing Member. Liz has extensive experience in investment and management, contributing to the strategic direction of Millworks Fund. Her background includes roles in various sectors, enhancing her ability to support startups effectively.
Graham "Gray" Chynoweth - Co-Managing Member. Gray brings a wealth of knowledge in venture capital and entrepreneurship, playing a key role in guiding the fund's investment strategy and supporting portfolio companies.
To pitch Millworks Fund, founders should reach out via email at epowers@montagnecom.com. It is recommended to include a comprehensive pitch deck that outlines the startup's vision, market potential, and alignment with the fund's focus areas. Founders should expect a response time that may vary, as the fund operates through a collective of investors.
Warm introductions through local networks or connections to the New Hampshire startup community can enhance the chances of receiving a favorable response. Given the fund's emphasis on community engagement, demonstrating a commitment to local initiatives may also be beneficial.
Millworks Fund supports initiatives like the New Hampshire High Technology Council’s TechOut competition and Alpha Loft’s Accelerate NH program, which provide resources and opportunities for local startups.
As of 2021, Millworks Fund has been actively involved in supporting local startups through its initiatives. The fund's commitment to providing $600,000 annually for three years has been a significant milestone in its efforts to strengthen the New Hampshire startup ecosystem. Recent activities include participation in the New Hampshire High Technology Council’s TechOut competition and Alpha Loft’s Accelerate NH program, which continue to foster innovation and growth among early-stage companies.
While specific recent investments have not been publicly disclosed, the fund's ongoing engagement with local startups indicates a focus on community support and development. The last confirmed public deal was in 2021, highlighting the fund's commitment to its portfolio companies and the local entrepreneurial landscape.
What are Millworks Fund's investment criteria?
Millworks Fund focuses on early-stage startups located in New Hampshire, particularly in sectors such as biotech, construction technology, technology, manufacturing, and cleantech. The fund looks for companies that can benefit from its structured support programs.
How can I apply or pitch to Millworks Fund?
Founders interested in pitching to Millworks Fund should reach out via email at epowers@montagnecom.com. It is advisable to include a detailed pitch deck that outlines the business model, market opportunity, and how the startup aligns with the fund's focus areas.
What makes Millworks Fund different from other investors?
Millworks Fund operates as a collective of 40 individual investors, which allows for a diverse range of expertise and resources. The fund emphasizes community engagement and support through initiatives like the TechOut competition and Accelerate NH program, providing not just capital but also mentorship and training.
What is the geographic scope of Millworks Fund?
The fund primarily invests in startups based in New Hampshire, with a secondary focus on broader New England. This regional commitment is aimed at strengthening the local startup ecosystem.
What is the typical check size from Millworks Fund?
Millworks Fund's check sizes are typically modest, aligned with its annual commitment of $600,000, which is distributed through structured programs rather than direct investments. This means that initial funding often comes through competitions and programs rather than traditional equity investments.
What kind of post-investment involvement can founders expect?
Millworks Fund provides ongoing support to its portfolio companies through structured programs that include training, mentoring, and coaching. This involvement is designed to help startups navigate challenges and grow effectively within the New Hampshire startup ecosystem.
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