Maine Venture Fund

The Maine Venture Fund is a professionally-managed venture capital fund that invests exclusively in Maine companies who demonstrate a potential for high growth and public benefit. The Fund has been actively investing in Maine companies since 1997, after its creation by an act of the Maine Legislature in 1995 to provide Maine companies and entrepreneurs access to patient sources of venture capital. The fund has received $13 million in capital contributions from the State of Maine and operates as a revolving “evergreen” fund. The Maine Venture Fund specializes in small and medium Maine businesses and considers companies in nearly any industry that can demonstrate the potential for high growth and public benefit. The mission of the fund 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.

John Burns

Strategic Advisor

Joe Powers

MD

Nina Scheepers

Investment Manager

45 past transactions

Wentworth Technology, Inc.

Debt Financing in 2015
Wentworth Technology develops a drive-thru headset system for the quick-service restaurant market. Their team of wireless communications professionals has over 60 years of combined experience providing full-featured wireless communications solutions to the most demanding industries. The company is built on the principles of making quality products and providing reliable service. Their product range continues to grow by following trends, improving our standard products, and listening to the customer.

CourseStorm, Inc.

Seed Round in 2016
CourseStorm, Inc. develops an online class registration software for local programs. It offers CourseStorm, a class registration management solution for community education, kids camps and activities, health, art centers, music, computers, bus trips, yoga, and parks and recreation programs. The company was founded in 2011 and is headquartered in Orono, Maine.

Chimani, Inc.

Seed Round in 2015
Chimani, Inc. develops and provides application that offers information on national parks. Its application provides information on sunrise/set data for a year, tidal data for a year, and ranger-led events for the season, as well as operates as a travel guide. The company’s application also features an audio tour and photos by professional photographers, as well as features the option of accessing news provided by National Park Traveler; and includes maps and more. Chimani, Inc. was founded in 2010 and is based in Portland, Maine.

Dream Local Digital

Private Placement in 2019
Dream Local Digital is a digital marketing agency headquartered in Rockland, Maine. The company works with newspapers, media companies, ad agencies, and directly with small to medium-sized businesses on all aspects of their online marketing plans, from website development, content strategy, and social media to search engine optimization, reputation management and e-mail marketing. Dream Local is also a Google Partner and a certified Facebook Blueprint company.

Reconnect, Inc.

Venture Round in 2020
Reconnect, Inc. operates a platform that leverages software, hardware, and data to improve outcomes and provides ongoing support during pretrial, reentry, and recovery. Its solutions are used by drug courts, probation, parole, and TPAs. The company was incorporated in 2013 and is based in Cumberland Center, Maine with additional offices in Portland, Maine; Brooklyn, New York; and Boston, Massachusetts.

Hyperlite Mountain Gear

Private Placement in 2018
Hyperlite Mountain Gear is a designer, manufacturer, and supplier of ultralight Cuben Fiber outdoor gear and lightweight equipment. Whether hiking, backpacking, climbing, pack-rafting, kayaking, or cycling, its mission is to help lighten the load by offering durable, lightweight products that will help increase speed, distance efficiency, and overall enjoyment outdoors. It offers backpacks from 1600 cubic inches (26L) to 4400 cubic inches (72L), solo and two-person component tent systems, and a full line of accessories.

Madalos, LLC

Private Placement in 2019
Madalos, LLC provides cybersecurity platform for powering providers and protecting businesses. The company provides platform which includes dashboard, health grade, alerts & notification, reports & recommendations, cybersecurity toolbox, security; foundation which includs cybersecurity assessment tool, incident response plan builder, technology & data use policy builder, ethical hacking; culture includes threat alert system, phishing simulation tool, awareness training videos, awareness poster library, awareness training webinars; technology includes stolen password scanner, network vilnerability scanner, website scanner, network alarm system. Madalos, LLC was founded in 2017 and is based in Portland, Maine.

FineTune

Venture Round in 2015
Finetune, formerly known as Academic Merit, is a Boston-based Educational Technology company conquering the challenging space of providing a platform for qualitative assessment at scale. In all verticals of education and training, their platform helps bring coherence and consistency to measuring the skills and competencies that are more difficult to measure. Additionally, their platform enables inter-rater reliability, the ability to train large number of evaluators so that they are reliable and consistent. Their first large partnership is with the College Board, where the Finetune platform is being used to create the next generation assessment platform in the world of Advanced Placement courses.

Atlantic Sea Farms

Series A in 2021
Good food should do good. At Atlantic Sea Farms, our kelp is never dried, never dyed, and is grown at home. We are dedicated to making a powerful and positive impact on the health of our customers and oceans by creating craveable and innovative products made from sustainably farmed sea greens, all while expanding opportunities for Maine's fishing communities.

Mobile Price Card

Private Placement in 2018
Mobile Price Card, Inc. develops a mobile application that displays dynamic content on the in store display devices. The company was incorporated in 2017 and is based in Bangor, Maine.

Oyster Tracker

Venture Round in 2019
Oyster Tracker makes the aquaculture industry more profitable with a SAAS based farm management system. The company is starting with the 2,300 oyster farms in the $1.4 billion US aquaculture industry. The global industry presents a much larger opportunity. Oyster Tracker was founded in 2018 and based in Castine, Maine.

Mobile Price Card

Series A in 2018
Mobile Price Card, Inc. develops a mobile application that displays dynamic content on the in store display devices. The company was incorporated in 2017 and is based in Bangor, Maine.

Newfield Design

Series A in 2012
Newfield Design is a Maine, US based company that designs, develops and manufactures communications systems infrastructure. The founders have decades of experience in successful communications system design, development, deployment and management, particularly with Public Safety, Commercial/SMR and Critical Infrastructure communications systems.

BlueTarp Financial

Venture Round in 2003
BlueTarp Financial is a B2B credit management company serving over 2000 suppliers since 1998. BlueTarp pays suppliers upfront for their sales and protects them from credit risk so they can fund the growth of their business. Suppliers can customize their program by choosing to manage customer interactions as they do today, or select a full-service option where BlueTarp handles customer service and collections. They can also grow sales with options for up to 90-day terms, credit lines up to $1M, and a loyalty rewards program. Their SmartView™online tools give suppliers full transparency into customer buying and payment activities. It was founded in 1998 and headquartered in Portland, Maine.

Anodyne Health

Venture Round in 2006
Anodyne Health Partners is a provider of business intelligence (BI) solutions for healthcare providers representing the large and enterprise group markets. The Company's unique, easy-to-use, web-based business intelligence software revolutionizes access to revenue cycle information that was once thought difficult, or even impossible, to obtain.

Pumpspotting

Venture Round in 2020
Pumpspotting is a social network and companion app for breastfeeding, pumping parents and the place to connect over milk, motherhood and the best places to nurse and pump.

Senscio Systems

Venture Round in 2022
Senscio Systems develops information systems that organize and process data to provide insights for decision making. It focuses on intelligence management for the U.S. government and personal healthcare management for consumers. The company offers Egret, a software system that systematically analyzes electronic fund transfer data to identify organizations that exhibit behaviors indicative of money laundering. It is also developing Ibis, an interactive care management system that helps patients follow their daily care plan at home and manage their chronic illnesses; and Kiwi, a sensor-rich pair of slippers to detect an increased risk of falls. In addition, it develops custom decision support applications for government and corporate use. The company was incorporated in 2009 and is based in Boxborough, Massachusetts.

HighByte, Inc.

Seed Round in 2021
HighByte is a software development company in Portland, Maine building off-the-shelf software that solves data architecture and security challenges faced by industrial companies. The company believes that contextualized and standardized data is essential for Industry 4.0 to reach broad adoption. HighByte Intelligence Hub enables users to securely connect, model, and flow valuable operations data throughout their extended enterprise. HighByte Intelligence Hub is the first DataOps solution purpose-built to meet the unique requirements of industrial assets, products, and processes at the Edge. HighByte was founded in 2018.

Stillwater Scientific Instruments

Venture Round in 2005
Stillwater Scientific Instruments (SSI) is developing a device that dramatically decreases the time it takes to analyze chemical compounds in the laboratory. This device, a component of mass spectrometers will be sold to laboratory equipment manufacturers. Mass spectrometers are sold primarily in the biomedical and pharmaceutical industries, as well as environmental fields in which complex chemical mixtures must be accurately identified. This device was developed through research at the University of Maine, and Stillwater Scientific Instruments was founded to commercialize this technology. The project has received funding from the National Science Foundation and the Maine Technology Institute.

Defendify

Seed Round in 2020
Defendify streamlines cybersecurity for organizations without security teams through an easy-to-use, all-in-one platform designed to continuously strengthen cybersecurity posture across people, process, and technology. Defendify delivers multiple layers of protection by providing cybersecurity expertise, support, and its all-in-one, easy-to-use platform designed to continuously strengthen cybersecurity across people, process, and technology.

NBT Solutions

Seed Round in 2017
NBT's designs and delivers unique software that unlocks value in data through geographic analysis, presentation, and visualization.

Orono Spectral Solutions

Venture Round in 2014
Located in Bangor, Maine, OSS is a small high tech company that was incorporated in 2004 for the purpose of advancing and commercializing chemical and biological agent detection research being conducted at the University of Maine. At OSS, we conduct research and develop chemical sampling products that satisfy needs within Defense, environmental, and commercial industries. Throughout our history, OSS has been supported by several R&D contracting opportunities with the Department of Defense to advance the state-of-the-art in chemical and biological agent detection. OSS has successfully transitioned many of these technologies into the products that it currently sells.

HighByte, Inc.

Convertible Note in 2020
HighByte is a software development company in Portland, Maine building off-the-shelf software that solves data architecture and security challenges faced by industrial companies. The company believes that contextualized and standardized data is essential for Industry 4.0 to reach broad adoption. HighByte Intelligence Hub enables users to securely connect, model, and flow valuable operations data throughout their extended enterprise. HighByte Intelligence Hub is the first DataOps solution purpose-built to meet the unique requirements of industrial assets, products, and processes at the Edge. HighByte was founded in 2018.

Dream Local Digital

Series A in 2019
Dream Local Digital is a digital marketing agency headquartered in Rockland, Maine. The company works with newspapers, media companies, ad agencies, and directly with small to medium-sized businesses on all aspects of their online marketing plans, from website development, content strategy, and social media to search engine optimization, reputation management and e-mail marketing. Dream Local is also a Google Partner and a certified Facebook Blueprint company.

CourseStorm, Inc.

Seed Round in 2019
CourseStorm, Inc. develops an online class registration software for local programs. It offers CourseStorm, a class registration management solution for community education, kids camps and activities, health, art centers, music, computers, bus trips, yoga, and parks and recreation programs. The company was founded in 2011 and is headquartered in Orono, Maine.

Phylogix Inc.

Series A in 2001
Phylogix Inc. is a biotechnology company focused on tissue protection and oncology. The company develops lectin-based drugs focused on tissue protection, oncology, and immunology. It also involves in the development of FRIL, an agent to protect patients from the toxic side-effects of chemotherapy. Phylogix Inc. is based in Scarborough, Maine.

CourseStorm, Inc.

Private Placement in 2018
CourseStorm, Inc. develops an online class registration software for local programs. It offers CourseStorm, a class registration management solution for community education, kids camps and activities, health, art centers, music, computers, bus trips, yoga, and parks and recreation programs. The company was founded in 2011 and is headquartered in Orono, Maine.

Hyperlite Mountain Gear

Venture Round in 2018
Hyperlite Mountain Gear is a designer, manufacturer, and supplier of ultralight Cuben Fiber outdoor gear and lightweight equipment. Whether hiking, backpacking, climbing, pack-rafting, kayaking, or cycling, its mission is to help lighten the load by offering durable, lightweight products that will help increase speed, distance efficiency, and overall enjoyment outdoors. It offers backpacks from 1600 cubic inches (26L) to 4400 cubic inches (72L), solo and two-person component tent systems, and a full line of accessories.

HighByte, Inc.

Convertible Note in 2023
HighByte is a software development company in Portland, Maine building off-the-shelf software that solves data architecture and security challenges faced by industrial companies. The company believes that contextualized and standardized data is essential for Industry 4.0 to reach broad adoption. HighByte Intelligence Hub enables users to securely connect, model, and flow valuable operations data throughout their extended enterprise. HighByte Intelligence Hub is the first DataOps solution purpose-built to meet the unique requirements of industrial assets, products, and processes at the Edge. HighByte was founded in 2018.

Certify Inc.

Venture Round in 2014
Certify offers online travel and expense management solution for companies of all sizes. Organizations worldwide can book travel as well as create and submit expense reports quickly, easily and efficiently with minimum training due to its unique intuitive data entry options and easy-to-use interface. Certify features no software to buy or maintain, no servers to manage, and requires only an internet connection.

KinoTek

Seed Round in 2021
KinoTek combines portable motion capture and machine learning in an intuitive, 3D interface deployable on the field of play. It is an innovative software utilizing Virtual Reality and Motion Capture Technology to change the way human movement analysis is approached and applied. They are taking complex biomechanics data and simplifying the information to provide a simple visual representation. Their software is proven to increase the retention of skills, decrease the chance of injury, and improve overall athletic output. KinoTek is governed by a sense of identity and commitment to the state of Maine and its communities, a passion for learning and growing with new information and technology, and an obligation to do things that matter them, to its users, and to anyone else that they can impact on their journey. The company was founded by Justin Hafner, David Holomakoff, and Patrick Breeding in 2018 and is based in Portland, Maine.

Pumpspotting

Seed Round in 2021
Pumpspotting is a social network and companion app for breastfeeding, pumping parents and the place to connect over milk, motherhood and the best places to nurse and pump.

Hyperlite Mountain Gear

Venture Round in 2014
Hyperlite Mountain Gear is a designer, manufacturer, and supplier of ultralight Cuben Fiber outdoor gear and lightweight equipment. Whether hiking, backpacking, climbing, pack-rafting, kayaking, or cycling, its mission is to help lighten the load by offering durable, lightweight products that will help increase speed, distance efficiency, and overall enjoyment outdoors. It offers backpacks from 1600 cubic inches (26L) to 4400 cubic inches (72L), solo and two-person component tent systems, and a full line of accessories.

Foneshow

Series A in 2007
Foneshow has built a telephony-based distribution platform for short-form audio (primarily news/talk/sports radio programming). The platform leverages the cellular telephone network and enables users to subscribe to, access, publish, share, and consume short-form audio programming immediately from virtually any cell phone. The system features the very rapid propagation of programming from the creator to the consumer. Patents are pending. Foneshow was founded in late August of 2006 on Ballston Beach in Truro, Massachusetts by Erik Schwartz and Nic Wolff, two technology industry veterans and lifelong friends. Nic and Erik had been kicking some of the ideas around for a while, wondering why they never listened to podcasts. In late summer 2006 they developed the ideas that would become Foneshow. They started coding in September of 2006 with alpha launching later in September. The foneshow.com domain was registered in October 2006. The company was organized as a Delaware LLC in November of 2006. In August of 2007 Foneshow closed a series A venture capital round with CEI Community Ventures, Masthead Venture Partners, and Small Enterprise Growth Fund of Maine.

Amplify Additive

Seed Round in 2019
Amplify Additive is an early-stage private company that focuses on metal additive manufacturing. It utilizes GE Additive’s Arcam Q10plus EBM technology. Amplify Additive is dedicated to establishing its company to improve the industry infrastructure and help clients leverage additive manufacturing technology for designs in the orthopedic implant and instrument market, and markets beyond Ortho.

HighByte, Inc.

Convertible Note in 2020
HighByte is a software development company in Portland, Maine building off-the-shelf software that solves data architecture and security challenges faced by industrial companies. The company believes that contextualized and standardized data is essential for Industry 4.0 to reach broad adoption. HighByte Intelligence Hub enables users to securely connect, model, and flow valuable operations data throughout their extended enterprise. HighByte Intelligence Hub is the first DataOps solution purpose-built to meet the unique requirements of industrial assets, products, and processes at the Edge. HighByte was founded in 2018.

HighByte, Inc.

Private Placement in 2020
HighByte is a software development company in Portland, Maine building off-the-shelf software that solves data architecture and security challenges faced by industrial companies. The company believes that contextualized and standardized data is essential for Industry 4.0 to reach broad adoption. HighByte Intelligence Hub enables users to securely connect, model, and flow valuable operations data throughout their extended enterprise. HighByte Intelligence Hub is the first DataOps solution purpose-built to meet the unique requirements of industrial assets, products, and processes at the Edge. HighByte was founded in 2018.

Cerahelix, Inc.

Series B in 2018
Cerahelix is a manufacturer of ceramic picofiltration products designed to facilitate high-quality water purification. The company's bio-derived products are developed using a patented DNA template technology to form sub-nanometer pores in a ceramic to provide very minute particle filtration, enabling water purification agencies to separate salts, metal ions, and other impurities dissolved in water at the molecular level.

Reconnect, Inc.

Private Placement in 2020
Reconnect, Inc. operates a platform that leverages software, hardware, and data to improve outcomes and provides ongoing support during pretrial, reentry, and recovery. Its solutions are used by drug courts, probation, parole, and TPAs. The company was incorporated in 2013 and is based in Cumberland Center, Maine with additional offices in Portland, Maine; Brooklyn, New York; and Boston, Massachusetts.

Nearpeer, Inc.

Venture Round in 2020
Nearpeer boosts college (and university) enrollment & tuition revenue by harnessing positive peer influence. Students more engaged with peers are more committed to college. Nearpeer achieves this increased student commitment by connecting students based on what they share in common - via proprietary platform, mobile apps, machine learning. Nearpeer delivers proven 10-20% reduction in melt, and 5-10% lift in 1st year retention for 7-figure return on investment and improved student experience. Clients including Louisiana State University (LSU), Appalachian State University, University of Maine, Southern Utah University, and more.

VETRO FiberMap

Seed Round in 2020
VETRO FiberMap is an innovative, cloud-based fiber management GIS platform purpose-built for network design and operations. The platform is specifically developed to meet the needs of broadband providers, municipalities, and telco engineers designing and building next-generation internet infrastructure. The VETRO FiberMap platform is the only SaaS network mapping solution built for small and mid-sized fiber ISPs and community fiber networks. It's easy to use, engineered for rapid integration, driven by open APIs, managed in the cloud, and delivered through your web browser. VETRO FiberMap enables you to access accurate network data from anywhere, as well as design, deploy and document networks—all from a single, cost-effective platform. VETRO FiberMap was launched in 2016 by two founders, Will Mitchell and Sean Myers, who recognized that traditional mapping tools could not meet the needs of a rising tide of small and mid-size Internet Service Providers (ISPs). These ISPs needed an intuitive and accessible tool that would allow them to plan, design, build, sell, and manage their broadband networks using a single, cost-effective solution. VETRO FiberMap, designed and developed with input from many ISPs, now delivers this unique solution to competitive fiber broadband providers in more than a dozen countries. VETRO FiberMap is headquartered in Portland, Maine and continues to grow under the leadership of Will and Sean, who have served the telecommunications industry with deep GIS expertise since originally founding NBT Solutions, a custom mapping consulting, design, and services company, in 2008. Their strong GIS pedigree informs software development at VETRO FiberMap, and fuels the company’s mission to build the best broadband network mapping software in the world—rooted in quality design, user experience, and customer service. VETRO FiberMap is committed to serving broadband providers, and becoming an integral part of the community building the next internet infrastructure.