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.
January/February 2017 Newsletter
P. O Box 63
Newport, Maine  04953
Land:  207-924-3800    
A Message from Maine Venture Fund's Managing Director
Welcome, finally, to a Maine winter! 

There is so much happening at Maine Venture Fund,  and all around the ecosystem, these days that I would like to highlight a few items.

Webinars!  I am pleased to report that MVF just hosted its first webinar, in what we plan to be a series, on topics relevant to early stage companies that seek to scale significantly.  Our first webinar, on Corporate Governance, was well attended and well received!  You can find it on the Fund's website.

Exits!  In other news, in case you missed each announcement, this has been a record year for Maine Venture Fund in terms of successful exit events. So far in our fiscal year, we have had profitable liquidity events at three companies in our portfolio, companies which will continue to operate in Maine and are now poised to grow even faster and create even more high quality jobs in Maine. 

Congratulations to the teams at Coast of Maine Organic Products, Looks Gourmet Food Company, and Interspec.  We’ll watch your continued success as Maine-based companies with pride and gratitude!

...Mr. Burns' message is continued below, in the Maine & Industry News section...

Portfolio Company News

South Portland software firm acquired by ARCOM

Mainebiz, 1/23/17

InterSpec, a South Portland-based company that creates software solutions for the building industry, announced Monday it has been acquired by ARCOM, headquartered in Salt Lake City, Utah. The purchase price was not disclosed.

ARCOM is owned by Alpine Investors, a private equity firm.

Gilles Letourneau, who founded InterSpec in Portland in 1998, told Mainebiz in a telephone interview this morning that the deal closed in early January. His company was a finalist in the small business category of Mainebiz's 2015 Fastest Growing companies list, reporting 57% sales growth between 2012 and 2014. InterSpec's 20 employees will continue working out of the company's South Portland office.

"Our plan is to continue growing as we have been," Letourneau said, noting that the two companies' product lines are complementary, which will create a kind of "one stop shopping" opportunity for InterSpec's existing client base that extends from Hawaii to the Middle East.

He anticipates future growth in InterSpec's South Portland office.

Read the full article.

Chimani Partners with National Park
Chimani, Inc., a Maine-based developer of mobile app travel guides for national parks, has partnered with Ortega National Parks, LLC (ONP), a national park concessionaire. Ortega National Parks, LLC is a family-run company located in Santa Fe, New Mexico, with over 20 years of national park concessionaire experience.

The partnership will allow the two organizations to work together to improve the experience for visitors to national parks in which ONP operates, including Acadia National Park, Carlsbad Caverns National Park, Death Valley National Park, Great Smoky Mountains National Park, Hawaii Volcanoes National Park, Hot Springs National Park, Petrified Forest National Park, Muir Woods National Monument, White Sands National Monument, and Gateway National Recreation Area. 

Whit Richardson's "Maine Start Ups Insider"

Founder Forum: Dan Mingle of Mingle Analytics

Dan Mingle, as you’ll learn below, never thought of himself as an entrepreneur. He was just a doctor who while running his own physician practice in Norway, Maine, for more than a decade recognized a need for a more efficient healthcare system. Instead of being content with the lack of a solution, he saw an opportunity to execute on his ideas and play a part in improving the healthcare system and helping physicians like himself.

“You might say that I’m in the business of providing for my clients those things I wish I had when I was in practice,” Mingle told Maine Startups Insider. 

Read the full article.  

MVF Portfolio Company Chosen for Boston-Based LearnLaunch

Globe Newswire, 1/11/17

LearnLaunch Accelerator, the leading education technology startup program, today announced the first cohort of its second Fund, LearnLaunch Accelerator II, as well as the expansion of its investment staff.  Five early-stage education technology companies will participate in LearnLaunch’s Breakthrough program beginning on January 9th.  Companies receive up to $ 120k in financing as well as an intensive two-month personalized curriculum designed to stimulate company growth and assist in raising capital.

Read the full article.

Maine & Industry News
... Managing Director message continued ...

Around the State!  The efforts to build Maine’s innovation economy at the very early stage company level also are in full gear.   With apologies to all the great organizations and their initiatives that I'll fail to mention, here are some of the exciting things happening:  

Maine Technology Institute recently announced a mix of grants and loans to companies engaged in promising technology projects;

Maine Accelerates Growth is hosting a State of the Ecosystem event on March 8th to celebrate all things entrepreneurial (see announcement at the bottom of this newsletter);

Maine Center for Entrepreneurial Development has announced the Top Gun Class of 2017; and

Venture Hall has announced an exciting partnership with UNUM and Maine Health to bring a highly visible and hopefully very productive healthcare accelerator program to Maine this summer. 

Initiatives focused on our promising aquaculture and food sectors abound. 

The Innovation Economy plan for the State has just been released, and our Lawmakers in Augusta are busy at work with the potential for some helpful and exciting changes for the ecosystem.

It’s an exciting time for companies in Maine with the potential and aspiration for scale.

Please join us in lending a helping hand to companies that you know that could use assistance, expertise and/or capital.

Best regards,

John Burns, CFA
Managing Director
Maine Venture Fund

State of the Ecosystem
Wednesday, March 8, 2017 from 5 - 8 p.m.

The 2017 State of the Ecosystem event (SOE) is a celebration of all things in Maine's innovation and entrepreneurship ecosystem. Like the State of the Union, the SOE will be a recap and celebration of the things that happened in 2016 and will offer a glimpse into the happenings for 2017. The event, hosted by Maine Accelerates Growth, will feature short presentations on different topics throughout a festive evening. It will also offer an opportunity for attendees from organizations across Maine to connect and learn more about the work being done to expand opportunity for prosperity across Maine.  

Interesting Articles You May Have Missed ...
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