Logo

Maine Venture Fund

Maine Venture Fund invests in Maine businesses that have the highest potential for growth and impact.

Newport, ME, USA

Apply

Description

Maine Venture Fund (MVF) is a state-sponsored venture capital fund headquartered in Newport, Maine. Created by the State of Maine in 1995, it is a professionally managed, evergreen fund that invests in high-growth Maine-based companies to stimulate economic development and job creation. 
  • Seed & Series A: MVF typically enters at the first institutional round of capital.
  • Expansion Capital: They provide follow-on funding to existing portfolio companies as they scale toward liquidity.
  • Requirement: Companies must be "beyond the idea stage," generally possessing a functional product and early customer validation or pilot revenue. 
  • Method: Founders apply through the Maine Venture Fund online application or via the Gust platform.
  • Materials: A professional pitch deck, executive summary, and 3-to-5 year financial projections are required.
  • Preliminary Review: Founders are encouraged to reach out for an informal conversation with the investment team before submitting a formal application. 
  • Rolling Intake: MVF evaluates and invests on an ongoing basis throughout 2026; there are no fixed cohort deadlines.
  • Maine Startup Week 2026: Related showcase opportunities often occur during this statewide event, typically held in June 2026. 

Eligibility

  • Geography: Strictly limited to companies headquartered in Maine or those with a significant majority of their employees based in Maine.
  • Sectors: Core activity in B2B SaaS, Bio-Technology, Advanced Manufacturing, Value-Added Agriculture, and Clean Energy.
  • Matching Fund Requirement: MVF requires a minimum of a 1:1 match from private sources (e.g., angel investors or other VC firms) for every dollar they invest.

Process

  1. Initial Screening: The investment team reviews the application for geographic and sector alignment.
  2. Screening Committee: High-potential candidates present to the Fund’s Investment Committee (which meets monthly).
  3. Due Diligence: A rigorous 6-to-10 week deep-dive into the team, market, intellectual property, and financials.
  4. Board Approval: Final investment decisions are made by the MVF Board of Directors.
  5. Active Partnership: Post-investment, MVF typically takes a board seat or observer role to provide ongoing strategic guidance. 

What an Applicant can Obtain

  • Strategic Capital: Access to patient capital from an evergreen fund that is not constrained by traditional 10-year exit cycles.
  • Regional Connectivity: Direct introductions to Maine-based resources like the Maine Technology Institute (MTI) and the Finance Authority of Maine (FAME).
  • Governance Support: Mentorship from a diverse team of experienced professionals with deep roots in the Maine business community.