Our mission is to provide resources to attract, support, and help develop eligible small businesses with the potential for substantial growth and success that will contribute to the prosperity of Maine.
Spring 2017 Newsletter
P. O Box 63
Newport, Maine  04953
Land:  207-924-3800    


On June 13, 2017 Question #1 on the ballot will be a referendum on a $50 million bond issue for economic development.  

The majority, $45 million, would go into the Maine Technology Asset Fund, administered by the Maine Technology Institute (“MTI”), and be available for loans and grants, on a highly competitive process, for larger capital expenditures for infrastructure, equipment and technology upgrades to increase productivity, capacity, or scale potential in seven targeted sectors, including aquaculture, forestry, agriculture and composite materials.  The loans, grants and investments from the Fund would have to be matched on at least a one-to-one basis with corporate, federal, non-profit or other funds.

The remaining $5 million in the bond package would be invested through the Maine Venture Fund, a twenty year old revolving State venture fund, in early stage companies with the potential to scale and significantly contribute to Maine’s prosperity.  These investments would also need to be matched at least 1:1, though MVF’s experience has been an almost 9:1 match.

The bond had wide support in the Legislature, passing 138-10 in the House of Representatives, and almost unanimously in the Senate after testimony from a wide swath of workers and corporate, academic, and non-profit institutions that understand that Maine must increase its investment in R&D if it is to stay competitive.

Gov. Paul LePage signed it into law contingent on the June 13 election.

Fund News
  The Maine Venture Fund's Second Webinar is Available

Preparing For And Raising Early-Stage Capital In Maine  (presented on 5/24/17)

This webinar provided a presentation and live Q&A on the basics of raising a first round of capital from outside investors for Maine companies.  It is ideal for leaders of Maine companies considering selling shares to fund company growth.

Areas of discussion include:

  • Differences between types of sources of capital
  • Fundraising process and what you need to be prepared for
  • Current investor market realities in Maine and New England
  • What it’s really like to have outside investors
  • What Angel investors are looking for…and much more

PDF is available here for download or VIEW webinar here.

MVF Summer Intern
The Maine Venture Fund is pleased to, once again, announce that, in collaboration with Dartmouth College’s Amos Tuck Graduate School of Business, a summer intern has been identified and assigned to work with one or more MVF portfolio companies.

This summer, Tuck student, Joe Henderson, who was selected out of a number of applicants will be working with The Gelato Fiasco, “Inspired by Italy. Perfected in Maine” as well as with Redd, Inc., “All killer, No Filler”, on a wide ranging group of projects.

Joe graduated from Bowdoin College in 2010 and has worked for LL Bean as a Merchandise Demand Planning Analyst and as a Director of Finance and Analytics at Punchbowl Inc.

The Fund's summer intern program, in its eighth year, provides MVF portfolio companies with 10 weeks of a Tuck student’s time and all expenses are covered by Tuck School of Business and the Maine Venture Fund.

We welcome Joe to Maine for the summer!   
Portfolio Company News
SeaBags, Inc.

Chimani receives the Innovation & Creativity Award at the 2017 Governor’s Conference on Tourism in Augusta, Maine

Kerry Gallivan, founder of Chimani travel apps for national parks, was awarded the Innovation & Creativity Award at the 2017 Governor’s Conference on Tourism in Augusta, Maine. The Governor’s Conference on Tourism is held every year to bring 400 tourism organizations together to share ideas, discuss best practices, and learn upcoming trends and marketing from industry experts.

Gallivan founded Chimani, in 2010, to combine his love of national parks with his mission to provide mobile tools that would empower travelers to explore more fully.   “I’ve loved our national parks since I was a kid and I believe helping people have better more fulfilling park experiences can lead to a lifetime of love, stewardship, and advocacy for these great spaces –  ultimately preserving them for generations.” said, Gallivan.

The Innovation & Creativity Award was given to Chimani for their development of a mobile version of the Friends of Acadia’s Acadia Quest game which was built into the the Chimani Acadia National Park app.  The Acadia Quest game hosts a series of experiences in Acadia National Park that encourage youth and families to explore, learn, and protect national parks and other conserved lands. Teams who completed the quest earned prizes such as an annual Acadia park pass. Friends of Acadia have been running a paper version of the Acadia Quest program for nine years, but this was their first launch of it on an app.

Read the full article.

ABOUT CHIMANI Chimani, Inc. (www.chimani.com) creates mobile app travel guides for national parks. Chimani’s growing suite of apps includes guides to all 59 U.S. national parks, Lake District National Park in the U.K., and Banff National Park in Canada.

Mingle Analytics, Inc.

Rural Maine High Tech Firm Faced With Relocation Gets Creative to Attract Specialized Workers
  A high tech company in rural western Maine employs more than 50 people from all over the state and beyond. About a quarter show up to work at the company’s headquarters in South Paris everyday. But most don’t. And as Lori Valigra reports, the company’s founder says its all part of a strategy that allows Mingle Analytics to maintain a skilled and loyal workforce, without having to leave Oxford county.

Read entire article.
Maine & Industry News
Start stronger.
Scale smarter.
Solve better.  

A week of expert insight, applied skill-building, and meaningful connections that will help big things happen!
WHEN:    JUNE 19 - 23, 2017

WHERE:  Maine College of Art
                 522 Congress St,                          Portland, ME 04101

About the Fund
Maine Venture Fund invests in high-growth Maine companies that have the potential to create strong returns and quality jobs in Maine and, thus, contribute to Maine's prosperity.  Once we invest, we provide business advice and technical assistance to our portfolio companies, as well as access to an extensive network throughout Maine, New England and beyond.  We consider companies in nearly any industry that can demonstrate the potential for high growth and public benefit. 

For more information, visit our website or call us at 207-924-3800.
~~~ MVF Portfolio Companies ~~~
Corson "Corky" Ellis

Vice Chair:  
Christopher S. Pizey

Theresa B. Hodge

Timothy P. Agnew
Daniel E. Boxer
Claire Deselle
Thomas J. Dunne
Blaine S. Grimes
John P. Murray
Brian Whitney

Managing Director:

Investment Manager:

Entrepreneur in Residence:

Office Operations Manager:
And finally ... please let us know if you have company news to share!  
Send your news to terri@maineventurefund.com and we will distribute through the entrepreneurial neighborhood!  Thank you.

Maine Venture Fund | P. O. Box 63 | Newport, Maine 04953 | 207.924.3800