Venture Capital Investments

The Finance Authority of Maine (FAME) is requesting additional applications by private venture capital funds as it prepares to deploy up to $985,000 in additional funds through its successful Maine Economic Development Venture Capital Revolving Investment Program (VRIP).

VRIP, created by the Legislature in 1995, allows the state to invest as an equal partner in eligible private venture capital funds to support emerging and early-growth businesses in Maine.  It utilizes experienced, professional fund managers to increase the probability of successful investments in Maine companies.  The American Heritage® Dictionary of the English Language (Fourth Edition) defines venture capital as “money made available for investment in innovative enterprises or research, especially in high technology, in which both the risk of loss and the potential for profit may be considerable.”

"FAME is pleased to invite further participation in the VRIP program using returns from its past investments,” stated FAME Chief Executive Officer Beth Bordowitz.  “FAME is committed to supporting emerging and early-stage Maine businesses, especially in this challenging economy.”

Since 2000, FAME has invested $3 million in five separate funds:  The Borealis Fund, L.P.; Brook Venture Fund II; CEI Community Ventures, LLC; Coastal Ventures II, LLC; and Masthead Venture Partners Capital, L.P.  These five funds have collectively invested almost 13 million in various Maine companies. 

The $980,000 in additional, planned FAME investments results from successful returns on the program’s previous investments.

FAME will be accepting applications to VRIP through noon on September 18, 2009, with the expectation of making investment decisions in November.  Interested parties may request an application by calling FAME at (800) 228-3734 or by visiting the VRIP section of FAME’s Web site at www.famemaine.com.