Maine Venture Fund

Maine Venture Fund (MVF) is a professionally managed venture capital fund created by an act of the Maine Legislature in 1995 and actively investing in Maine companies since 1997. Based in Newport, Maine, MVF invests exclusively in Maine-based businesses with high growth potential and public benefit. The fund operates as an evergreen revolving structure capitalized at $19.5 million, recycling all income and investment returns for deployment into additional Maine companies. Managing Director Joe Powers and Principal Nina Scheepers lead investment activities alongside running the Maine Startup Challenge, an initiative designed to identify and support early-stage entrepreneurs across the state. MVF's initial check size is typically $100,000 in convertible preferred stock, investing across nearly any industry. The fund has made 46 investments alongside over 400 co-investors including angel investors, venture funds, and institutional partners. In 2025, the fund deployed $3.3 million into Maine companies — above typical volume — driven by a growing pipeline and access to the FAME Grow Maine federal program. In 2024, only $1.2 million was deployed due to market slowdown. Recent investments include VETRO (Series C, May 2025), with earlier portfolio companies including Kinotek, Hoopsy, and Metis Health Technologies. The most recent exit was Circa in June 2024. MVF's legislative mandate distinguishes it from commercial venture funds: returns must be recycled into additional Maine investments rather than distributed to outside LPs, creating an alignment with long-term state economic development. This structure has allowed the fund to remain active for nearly three decades as a consistent early-stage capital source for Maine entrepreneurs who may not fit the geographic preferences of coastal VC firms.