Maine Venture Fund
Maine Venture Fund is a state-created evergreen venture capital fund that makes equity investments in Maine-based growth companies. It deploys $100K initial checks with mandatory 1:1 co-investment, having invested $55M+ directly alongside $409M in private co-investment since 1997.
- Company typePrivate
- Founded1995
- HeadquartersNewport, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Maine Venture Fund does
Maine Venture Fund (MVF) is a state-created venture capital fund established by the Maine State Legislature in 1995 and domiciled in Newport, Maine. Operating as an evergreen revolving fund under the oversight of the Small Enterprise Growth Board (SEGB), MVF makes equity investments in Maine-based growth-stage companies and reinvests exit proceeds rather than distributing them. As of 2025, the fund reports cumulative direct investment exceeding $55-56.2 million across 254 portfolio investments since 1997, with 65-69 active portfolio companies that collectively generated $119 million in revenue and 756 jobs in 2025.
MVF deploys capital through a structured six-step investment process: introduction call, due diligence, term sheet negotiation, board presentation, investor line-up, and close. Typical initial check sizes are $100,000, deployed via priced equity, convertible notes, SAFEs, or venture debt, and MVF always requires at least 1:1 matching co-investment from its network of over 400 accredited investors, angels, venture funds, and institutions. This co-investor model has produced an 8:1 leverage ratio, with $409 million in private co-investment attracted alongside MVF's direct investment. The fund typically leads rounds but can follow, and maintains board-level involvement post-investment.
Beyond capital deployment, MVF operates as a central ecosystem builder for Maine's startup community. It runs the Maine Startup Challenge, a statewide business plan competition across K-8, High School, College, and Open tiers; facilitates co-investor matching through the All Stage platform; and partners with accelerators, the Roux Institute at Northeastern University, FAME, SCORE Maine, Startup Maine, and other ecosystem organizations. The fund's portfolio spans diverse verticals including food and beverage (North Spore, BlueTrace), healthcare technology (MedRhythms), industrial technology (HighByte), outdoor gear (Hyperlite Mountain Gear), and construction/manufacturing (Whole Trees), with notable impact metrics including 30% women-led investments versus a 2% national average and 78% of investments in CDFI-identified zones.
Maine Venture Fund firmographics
Firmographics- Name
- Maine Venture Fund
- Legal name
- Maine Venture Fund
- Website
- https://maineventurefund.com
- Company type
- Private
- Founded year
- 1995
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Maine Venture Fund is a state-created evergreen venture capital fund that makes equity investments in Maine-based growth companies. It deploys $100K initial checks with mandatory 1:1 co-investment, having invested $55M+ directly alongside $409M in private co-investment since 1997.
- Ownership category
- akta.pro rank
Maine Venture Fund industry classification
Industry- Product category
- Venture Capital
- NAICS
- Other Financial Vehicles (525990), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
- akta.pro secondary industries
- Impact Investment & Development Investment Funds (BPADACAO), SDG / Thematic Sustainable Investment Funds (FSANAJAN)
Keywords
Where Maine Venture Fund is headquartered
LocationHeadquarters
- HQ city
- Newport
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Maine Venture Fund business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Equity Investment Returns: MVF makes equity investments in Maine companies and realizes returns through exits. As an evergreen revolving fund, proceeds from exits are reinvested into new Maine companies rather than distributed to shareholders.
- State Legislative Funding: Created by the Maine State Legislature in 1995, MVF operates with state-mandated funding that has grown to over $56.2 million in total investments since inception. The fund is structured as a revolving 'evergreen' fund.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Equity investment check size |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Maine Venture Fund product offering
Product offeringCore offering
Maine Venture Fund (MVF) is a state-created, evergreen venture capital fund that makes equity investments in Maine-based companies with high growth and impact potential. Typical check size is $100,000 in priced equity, convertible notes, SAFEs, or venture debt, always alongside at least 1:1 matching co-investment. MVF also runs the Maine Startup Challenge, an annual statewide business plan competition for aspiring entrepreneurs across K-8, High School, College, and Open tiers.
Product overview
Maine Venture Fund is a state-created venture capital fund that provides equity investments, ecosystem support, and educational programs to Maine-based businesses—not a traditional product company with software offerings. The fund's core service is equity investment in Maine companies with high growth and impact potential, with typical check sizes of $100,000. The fund operates alongside co-investors and provides post-investment partnership support. Additionally, the fund runs the Maine Startup Challenge, a statewide business plan competition across four age-based tiers (K-8, High School, College, Open) with prize money ranging from $500 to $8,000 per tier. The fund also hosts a job board for portfolio companies and facilitates co-investor connections through its network of over 400 angels, venture funds, and institutional investors.
Differentiator
Problem solved
Functional benefit
Brands
- Maine Startup Challenge: Annual statewide business plan competition for students and aspiring entrepreneurs across Maine, launched by MVF in 2022
Products and services
- Equity Investment Program Direct equity investments in Maine-based companies with high growth and impact potential. Typical check size of $100,000 in priced equity, convertible notes, SAFEs, or venture debt, requiring at least 1:1 matching co-investment. MVF can lead or follow rounds and remains an active board-level partner after close. Targets Maine companies with over $250K-$5M annual revenue and fewer than 50 employees.
- Maine Startup Challenge Annual statewide business plan competition run by Maine Venture Fund for students and aspiring entrepreneurs across all ages (K-8, High School, College, Open tiers), reaching 16 Maine counties and awarding prize money ranging from $500 to $8,000 per tier to cultivate future deal flow and entrepreneurial talent.
Companies that use Maine Venture Fund
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
Maine Venture Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Maine Venture Fund partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered minor and core.
- Opus ConsultingminorConsulting partner providing support to MVF portfolio companies
- Roux Institute at Northeastern UniversitycorePartnership through Future of Healthcare Founder Residency program; 10 of 13 new portfolio companies in 2025 came through this program in 2025
- Maine Technology InstitutecoreKey ecosystem partner for Maine startups; provides funding and resources alongside MVF
- SCORE MainecoreEcosystem partner providing mentorship and resources to Maine entrepreneurs
- Startup MainecoreEcosystem partner championing and convening Maine's entrepreneurial community
- Dirigo LabscoreEcosystem partner providing support to Maine startups
- Innovate for MaineminorFellowship program placing UMaine interns with Maine startups; created full-time hire at MVF portfolio company Orange Bike Brewing
- Nexus MaineminorNetworking community on Slack for Mainers building, managing, or investing in businesses; facilitated by George Matelich with input from MVF and other ecosystem partners
Scale indicators14 records
Recent moves6 records
Expansion highlights5 records
Maine Venture Fund competitors and assessment
Company assessmentDirect peers
- Maine Technology Institute: State-backed technology funding organization for Maine-based companies. Directly comparable as a fellow state-created capital provider targeting the same Maine startup ecosystem, often co-investing alongside MVF.
- CEI Ventures: Maine-focused impact investment fund affiliated with Coastal Enterprises Inc. Directly comparable as a Maine-based equity investor with overlapping portfolio and a similar mission-driven mandate.
- Maine Angels: Angel investor network actively investing in Maine-based startups. Directly comparable as a Maine deal-flow and syndication partner that frequently co-invests alongside MVF.
- Flexible Capital Fund: Vermont-based impact investment fund providing flexible capital to growing businesses in northern New England. Closely comparable as a regional evergreen-style impact investor with similar check sizes and stage focus.
- Coastal Enterprises Inc. Maine-based CDFI providing capital and business support to underserved communities and entrepreneurs. Highly comparable as a fellow Maine-rooted mission-driven capital provider with overlapping impact orientation.
Regional players
- Fresh Tracks Capital: Vermont-based venture capital firm investing in growth-stage companies in northern New England. Comparable as a regional VC operating in adjacent geography with shared co-investor relationships.
- Blue Highway Capital: Regional growth capital fund investing in the Northeast including Maine. Comparable as a co-investor partner in Maine-based companies with similar equity check sizes and growth-stage focus.
Broad incumbents
- Advantage Capital: National CDFI-focused investment firm deploying over $70M in Maine small businesses. Comparable as a much larger impact-oriented equity and debt investor operating in the same Maine market and overlapping on portfolio companies such as MedRhythms.
- Unum Ventures: Corporate venture arm of Unum Group actively investing in Maine startups. Comparable as a co-investor partner and member of MVF's Small Enterprise Growth Board (Justin Young), operating in the same local ecosystem.
Emerging players
- Red Clover Ventures: Recently-created fund investing in early-stage female-led companies across New England. Comparable as a newer, geographically-overlapping fund with strong alignment to MVF's women-led investment thesis.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Maine Venture Fund social profiles
Digital presenceMaine Venture Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Maine Venture Fund leadership team
Management profileNumber of profiles
Profiles13 records
Maine Venture Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Maine Venture Fund M&A and investment
M&A and investmentM&A
Investments54 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Maine Venture Fund
What does Maine Venture Fund do?
Maine Venture Fund (MVF) is a state-created, evergreen venture capital fund that makes equity investments in Maine-based companies with high growth and impact potential. Typical check size is $100,000 in priced equity, convertible notes, SAFEs, or venture debt, always alongside at least 1:1 matching co-investment. MVF also runs the Maine Startup Challenge, an annual statewide business plan competition for aspiring entrepreneurs across K-8, High School, College, and Open tiers.
Is Maine Venture Fund a public or private company?
Maine Venture Fund is a private company. It is classified as state government owned and is currently operating.
When was Maine Venture Fund founded?
Maine Venture Fund was founded in 1995. It employs 1 to 10 people.
Where is Maine Venture Fund based?
Maine Venture Fund is headquartered in Newport, United States, in the North America region.
How does Maine Venture Fund make money?
Two revenue lines are on record. Equity Investment Returns are the primary driver. The others are state Legislative Funding.
Who are Maine Venture Fund's main competitors?
Direct peers on record are Maine Technology Institute, CEI Ventures, Maine Angels, Flexible Capital Fund and Coastal Enterprises Inc.. Regional players are Fresh Tracks Capital and Blue Highway Capital. Broad incumbents are Advantage Capital and Unum Ventures. Red Clover Ventures is listed as an emerging player.
Does Maine Venture Fund have an API?
No public API is recorded for Maine Venture Fund.
What industry is Maine Venture Fund in?
Maine Venture Fund's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B), with a secondary code of BPADACAO, Impact Investment & Development Investment Funds. Its NAICS code is 525990 and its SIC code is 6282.