Fundraising FoxMaine Venture Fund
Government fundNewport · Seed–Series B
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Investment thesis
Established by the Maine State Legislature, Maine Venture Fund provides equity capital to Maine companies with strong growth and impact potential. The fund emphasizes efficient diligence, active partnership after investments close, and collaboration with co-investors to fill out fundraising rounds. It positions itself as a resource for entrepreneurs even when equity is not the right fit, directing them to alternative funding options. MVF also works with accelerators, institutions, and regional partners to strengthen Maine's startup ecosystem and connect founders with needed resources.
Source: firm website, verified Aug 3, 2026.
What they invest in
from 15 of 18 portfolio companiesSaaS ×7Advanced Manufacturing ×4Enterprise Software ×3AgTech ×2AI & Machine Learning ×2Cleantech ×2Consumer ×2Data & Infrastructure ×2
HQs:United States×18
Investments · 18 tracked
founders shown can be your intro pathBy year:2025 · 12024 · 22023 · 12022 · 22021 · 12019 · 22018 · 12017 · 22015 · 113 dated
Kinotek develops technology to measure movement health, providing fast, affordable, and understandable assessments so that professionals can help people maintain mobility.
AI & Machine LearningDigital HealthHealthtechSaaSSports TechPortland, US
David Holomakoff(Founder, Chief Product Officer)inHafner Justin(Manager)Joey Spitz(Chief Revenue Officer)inPat Panaia(Chief Executive Officer)inDan Lesko(Chief Technology Officer)inMarty Miller(Chief Movement Officer)in
BlueTrace provides a cloud-based inventory and operations management platform for seafood businesses, replacing outdated legacy systems and spreadsheets with integrated software for receiving, shipping, picking, packing, and loading.
AgTechFoodTechLogistics & Supply ChainRetail TechSaaS
Co-investorsCEI VenturesiSelect FundYork IE
Portland, US
Kerry David Gallivan(Executive Officer, Director)
BoardPreston Junger(Director)Shaun Lee Meredith(Director)inSteve King(Director)
Co-investorsWildwood Ventures
CourseStorm provides a class registration and management platform designed for arts centers, community education organizations, and training programs.
EdTechSaaSOrono, US
Brian Rahill(Executive Officer, Director)inMatthew James(Executive Officer, Director)in
BoardElizabeth Peters(Director)
Co-investorsCEI VenturesLearnLaunch Fund Accelerator
Defendify provides an all-in-one, multi-layered cybersecurity platform combining tools, modules, and expert support to give organizations ongoing protection.
CybersecurityEnterprise SoftwareSaaSPortland, US
T. Andrew Rinaldi(Executive Officer, Director)inRob Simopoulos(Co-Founder)inAndrew(Co-Founder)Jim(Chief Marketing Officer)Heather(Chief of Staff)
BoardNorman Mentz(Director)
Co-investorsCEI VenturesFreshTracks CapitalThe Alchemy FundYork IEWasabi Ventures
Dream Local Digital is a digital marketing agency that runs data-driven, analytics-focused campaigns for its clients to support their business growth.
AdTechMarketing TechSaaSRockland, US
Shannon Kinney(Director, Promoter)inKasey Ahlquist(Chief Marketing Officer)inRobert Kelley(Director)
Co-investorsCEI Ventures
HighByte builds the HighByte Intelligence Hub, an industrial DataOps software product that solves data architecture and integration problems for manufacturing and industrial operations.
Advanced ManufacturingData & InfrastructureIoTPortland, US
Torey Penrod-Cambra(Chief Communications Officer)inJohn Harrington(Chief Product Officer)inTony Paine(CEO)inAron Semle(Chief Technology Officer)inSteven Curtis(Vice President of Sales)in
BoardBen Sampson(Director)in
Co-investorsStandard InvestmentsCEI VenturesExposition VenturesMomenta VenturesGE Ventures
Hyperlite Mountain Gear designs and sells lightweight backpacking and outdoor gear, including backpacks, stuff sack pillows, and packing accessories made with Dyneema composite materials.
ConsumerDirect to ConsumerSports TechBiddeford, US
Michael St. Pierre(Executive Officer, Director)
Co-investorsCEI Ventures
Portland, Maine farm-to-flask distillery making small-batch spirits and canned ready-to-drink cocktails such as Blueshine Lemonade.
Advanced ManufacturingConsumerFoodTechPortland, US
David Barber(Director)Nathaniel L. Davidson(Executive Officer, Director)Stephen Goldberg(Director)Peter M. Murray(Executive Officer, Director)
Co-investorsCEI Ventures
Mobile Price Card provides software for retailers to manage and display content on in-store digital screens through a centralized dashboard, enabling control over pricing, promotions, and merchandising messaging.
Retail TechBangor, US
Chad O'Leary(Executive Officer, Director)Kevin Downs(Executive Officer, Director)
Co-investorsCEI Ventures
North Spore sells mushroom cultivation supplies and functional mushroom wellness products, including grow kits, spawn, capsules, coffee, and honey.
AgTechE-commerceWellness & FitnessPortland, US
Matthew McInnis(Founder)inJon Carver(Founder)inEliah Thanhauser(Founder)in
Co-investorsCEI Ventures
Pumpspotting offers software and tools that blend emotional and informational support with practical resources to help parents with breastfeeding, pumping, and baby-feeding at home, at work, and on the go.
Digital HealthFemTechSaaSEliot, US
Amy Van Haren(Executive Officer, Director)Caitlin Wege(Director)
Co-investorsAd Astra VenturesLaunchpad Venture GroupSincere
Revert provides smart plugs that use AI to automatically manage power consumption of commercial equipment based on usage patterns and utility rates, reducing phantom load for schools and businesses.
AI & Machine LearningCleantechClimate TechEnterprise SoftwareIoTJersey City, US
Yuan Ryan Li(Executive Officer, Director, Promoter)
Co-investorsTechstars
Tanbark manufactures molded fiber products as sustainable alternatives to plastic packaging, leveraging advanced fiber technology and heritage pulp and paper expertise in Maine.
Advanced ManufacturingCircular EconomyCleantechNew MaterialsSaco, US
Melissa LaCasse(Co-founder)inChristopher LaCasse(Co-founder)
Co-investorsCEI Ventures
VETRO offers a GIS software platform (VETRO FiberMap) for mapping, modeling, and managing fiber broadband network infrastructure, with open APIs and a digital inventory of the physical network layer.
Data & InfrastructureEnterprise SoftwareSaaSPortland, US
Michaela Goodwin(Executive Officer)William S Mitchell(Executive Officer, Director)Joshua Broder(Director)Sean Myers(Executive Officer, Director)
BoardG Corson Ellis(Director)Frank Governali(Resigned May 21, 2021)
Co-investors10X Venture PartnersCEI VenturesYork IE
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Frequently asked questions
- How many investments has Maine Venture Fund made?
- Maine Venture Fund has 18 tracked investments, including 1 dated in the last 24 months.
- What stage does Maine Venture Fund invest at?
- Maine Venture Fund invests at the Seed, Series A, Series B stages.
- What is Maine Venture Fund's typical check size?
- Maine Venture Fund typically writes checks of $100K – $300K.
- What sectors does Maine Venture Fund focus on?
- Maine Venture Fund focuses on Impact & Social Good, Sector Agnostic.
- Where is Maine Venture Fund located?
- Maine Venture Fund is headquartered in Newport, US.
- Does Maine Venture Fund lead rounds?
- Maine Venture Fund typically participates in rounds rather than leading them.
Media · Podcasts & interviews
featuring the teamStartup Boards: Forming and Serving with the Maine Venture Fund feat. Joe Powers and John Burns
Association for Consulting Expertise · Joe Powers
Images
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