Maine Venture Fund

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Overview

Maine Venture Fund (MVF) is a state-sponsored venture capital fund that invests equity in high-growth Maine-based businesses to fill the financing gap between R&D and bank debt.¹²⁴ Operating as a revolving evergreen fund with $19.5 million in capital, it has invested over $49 million in Maine companies since 1997, catalyzing additional outside investments at a ratio of about 8:1.¹²⁴ It targets early-stage companies with under 50 employees or less than $5 million in revenue, requiring 1:1 co-investment matching.³

History

Maine Venture Fund was created by an act of the Maine Legislature in 1995 as the Small Enterprise Growth Fund, capitalized with $19.5 million from the State of Maine.¹²⁴ It began actively investing in Maine companies in 1997.¹⁴ As of 2020, it had invested $25.3 million in 75 companies, catalyzing nearly $201.4 million in additional venture capital.² The fund operates under an eleven-member Small Enterprise Growth Board.²⁶

Reputation

MVF is recognized by professionals for catalyzing venture capital into Maine's ecosystem through co-investments and state support, with a track record of over $49 million deployed.¹⁴ It is perceived as focused on local economic impact and growth for small businesses demonstrating high potential.²⁵ No specific criticisms are noted in available sources.

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