Maine Venture Fund

Maine Venture Fund is a venture capital firm established in 1995 and based in Newport, Maine. It focuses on investing in small and medium-sized growth companies across various industry sectors that demonstrate potential for high growth and public benefit. The fund primarily targets Maine-based companies, investing between $0.1 million and $0.3 million in initial funding, with additional capital available for ongoing support. It specifically seeks to invest in companies with gross sales of $5 million or less within the past 12 months. Maine Venture Fund operates as a revolving "evergreen" fund, having received $13 million in capital contributions from the State of Maine. The firm aims to exit its investments within five to seven years, aligning its mission to attract and support eligible small businesses that can significantly contribute to the economic prosperity of Maine.

Joe Powers

Managing Director

Nina Scheepers

Principal

Past deals in Portland, OR

HighByte

Convertible Note in 2023
HighByte, Inc., founded in 2018 and based in Portland, Maine, develops the HighByte Intelligence Hub, a software solution designed to address data integration and security challenges faced by industrial companies. This platform enables users to securely connect, model, and flow valuable operational data throughout their enterprises, facilitating the seamless integration of real-time, transactional, and time-series data. By providing a DataOps solution specifically tailored to the unique requirements of industrial assets and processes, HighByte aims to enhance the speed of system integration and enable the effective use of contextualized data for analytics and machine learning applications. The company emphasizes the importance of standardized data for the broader adoption of Industry 4.0, allowing manufacturers to manage their data without the need for extensive coding or maintenance.

HighByte

Seed Round in 2021
HighByte, Inc., founded in 2018 and based in Portland, Maine, develops the HighByte Intelligence Hub, a software solution designed to address data integration and security challenges faced by industrial companies. This platform enables users to securely connect, model, and flow valuable operational data throughout their enterprises, facilitating the seamless integration of real-time, transactional, and time-series data. By providing a DataOps solution specifically tailored to the unique requirements of industrial assets and processes, HighByte aims to enhance the speed of system integration and enable the effective use of contextualized data for analytics and machine learning applications. The company emphasizes the importance of standardized data for the broader adoption of Industry 4.0, allowing manufacturers to manage their data without the need for extensive coding or maintenance.

HighByte

Convertible Note in 2020
HighByte, Inc., founded in 2018 and based in Portland, Maine, develops the HighByte Intelligence Hub, a software solution designed to address data integration and security challenges faced by industrial companies. This platform enables users to securely connect, model, and flow valuable operational data throughout their enterprises, facilitating the seamless integration of real-time, transactional, and time-series data. By providing a DataOps solution specifically tailored to the unique requirements of industrial assets and processes, HighByte aims to enhance the speed of system integration and enable the effective use of contextualized data for analytics and machine learning applications. The company emphasizes the importance of standardized data for the broader adoption of Industry 4.0, allowing manufacturers to manage their data without the need for extensive coding or maintenance.

Nearpeer

Venture Round in 2020
Nearpeer, Inc. is a technology company based in Portland, Maine, founded in 2017. It offers a mobile application that connects college students internationally, facilitating engagement through shared interests. The app, available on Google Play and the App Store, utilizes machine learning to enhance peer interactions, which can lead to increased commitment to college. Nearpeer's platform has demonstrated effectiveness in reducing student attrition and improving first-year retention rates, resulting in a significant return on investment for educational institutions. Clients such as Louisiana State University, Appalachian State University, and the University of Maine have benefited from its services, which aim to enhance the student experience and academic performance by fostering a supportive community among peers.

HighByte

Convertible Note in 2020
HighByte, Inc., founded in 2018 and based in Portland, Maine, develops the HighByte Intelligence Hub, a software solution designed to address data integration and security challenges faced by industrial companies. This platform enables users to securely connect, model, and flow valuable operational data throughout their enterprises, facilitating the seamless integration of real-time, transactional, and time-series data. By providing a DataOps solution specifically tailored to the unique requirements of industrial assets and processes, HighByte aims to enhance the speed of system integration and enable the effective use of contextualized data for analytics and machine learning applications. The company emphasizes the importance of standardized data for the broader adoption of Industry 4.0, allowing manufacturers to manage their data without the need for extensive coding or maintenance.

Walch

Venture Round in 2019
Walch Education has launched the www.curriculumengine.com, the first object-oriented curriculum management tool in the cloud. We provide school districts and teachers with the tools and assets they need to control and customize their curriculum for delivery in class and remotely. This facilitates collaboration and the dissemination of best practices, and free districts from the tyranny of "one size fits all" solutions. We work with some of the largest school districts in the country to enable tailored resources, and are in the process of scaling up to expand our footprint. Importantly, with the patent-pending object-oriented architecture of the Curriculum Engine, we will will be able to correlate performance with instruction, enabling true data driven insights for the first time

NBT Solutions

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

Chimani

Seed Round in 2015
Chimani, Inc. develops an application that serves as a comprehensive travel guide for national and state parks, providing users with essential information to enhance their outdoor experiences. Founded in 2010 and based in Portland, Maine, the application offers features such as sunrise and sunset data, tidal information, ranger-led events, and audio tours, along with professional photography and news updates from the National Park Traveler. Additionally, it includes detailed maps and descriptions of park features, trails, and amenities, addressing common challenges faced by travelers, such as overcrowding and lack of information. By facilitating access to this information, Chimani aims to inspire a deeper appreciation for nature and ensure a high-quality experience for visitors to national parks.

Certify

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.

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.

BlueTarp Financial

Venture Round in 2003
BlueTarp Financial is a B2B credit management company founded in 1998 and headquartered in Portland, Maine. It serves over 2,000 suppliers by providing upfront payments for sales, which mitigates credit risk and allows businesses to fund their growth. Suppliers have the flexibility to customize their credit management programs, opting to either maintain their existing customer interactions or utilize a full-service option where BlueTarp manages customer service and collections. The company offers various features, including credit lines up to $1 million and terms of up to 90 days, along with a loyalty rewards program. BlueTarp's SmartView™ online tools provide suppliers with transparency into customer buying and payment behaviors, enhancing their ability to manage cash flow and reduce financial risk.
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