Funding

Ocean Renewable Power Company Restructures, Raising $2.5M in Series B

By | May 4, 2017 at 11:20 am

Portland-based Ocean Renewable Power Company is in the midst of raising $2.5 million in its second big equity round of fundraising. The renewable energy company has raised $1.31 million out of a $2.5 million offering, according to paperwork recently filed with the U.S. Securities and Exchange…

Coding

There’s a New Coding School Coming to Maine

By | Apr 26, 2017 at 9:15 am

Three Maine organizations are bringing a successful coding school to Maine in an effort to increase the public’s access to educational opportunities around software and web development, and to increase employers’ access to qualified developers. Earlier this week, Venture Hall, Thomas College, and Project Login, announced…

Business

Maine Startups Logged Zero VC Deals in Q1

By | Apr 21, 2017 at 8:30 pm

While investors poured $13.9 billion into venture-backed startups during the first quarter of 2017, none of those dollars found their way to Maine companies, according to the MoneyTree Report, a quarterly tally of VC deals from PricewaterhouseCoopers and CB Insights. It’s the first quarter in more…

Business

3 Signs That Vets First Choice Is Preparing for an IPO

By | Apr 19, 2017 at 8:30 pm

Going public is a big deal for any company. It requires months of preparation, years of hard work, and decades of innovative thinking. And if you’re pay attention, it can be easy to spot these companies before they make the move. And while I…

Ecosystems

New Bill Seeks to Expand Maine Technology Institute’s Scope

By | Apr 9, 2017 at 2:30 pm

A new bipartisan bill has been introduced in Augusta that would expand the Maine Technology Institute’s role within the state’s innovation ecosystem. The bill — LD 1324, An Act to Support Innovation, Entrepreneurship, and Maine’s Economic Future — would explicitly proffer certain powers onto the organization,…

Funding

MTI Awards $1 Million in Funding to Local Companies

By | Apr 1, 2017 at 10:30 am

The Maine Technology Institute awarded more than $1 million in grants and loans to 25 Maine companies and research organizations in February 2017. MTI awarded two Development Loans totaling $604,490, seventeen Seed Grants totaling $368,607, four TechStart grants totaling $19,725, and two Business Accelerator grants…

Startups & Apps

Forager Emerges From Stealth Mode to Improve the Local Food Movement

By | Mar 28, 2017 at 9:15 am

More than three years after leaving a high-profile job as co-founder and CEO of CashStar, David Stone last week unveiled his newest startup, Forager. Forager has developed a digital platform with the goal to facilitate more efficient relationships between farmers and the grocers who want to source…

Startups & Apps

Surge Hydro Takes Top Spot at Pitch York County Finals

By | Mar 27, 2017 at 8:30 pm

Surge Hydro continued its winning streak on Thursday evening as it took took the top spot, and the $1,200 first-prize purse, at the Pitch York County final event. The event, held at ThinkTank Biddeford, was the culmination of a series of monthly events that…

News

The UMaine Business Challenge Has Named Its 2017 Finalists

By | Mar 19, 2017 at 10:30 am

Five teams of college entrepreneurs in Maine have been selected to compete in the sixth annual UMaine Business Challenge. These college entrepreneurs will now be paired with mentors and have seven weeks to build a business plan before presenting it before a panel of…

Entrepreneur

Jean Hoffman Launches Family Foundation, Makes First Angel Investment

By | Mar 5, 2017 at 10:30 am

Jean Hoffman has been busy in the ten months since she led her former pet pharmaceutical company, Putney Inc., through a $200 million all-cash acquisition. In that time, she’s purchased a commercial building in Portland, launched a family foundation that will be helping local nonprofits,…

Accelerator

Top Gun Accelerator Accepts 38 Startups into Class of 2017

By | Feb 21, 2017 at 8:30 pm

Top Gun, a program of the Maine Center for Entrepreneurial Development designed to help entrepreneurs ramp up their businesses, announced today that 38 startups have been accepted into the 2017 class. The 2017 class will be largest in the accelerator program’s eight-year history. That’s due largely…

Ecosystems

Maine Venture Fund Celebrates Third Exit in a Year with InterSpec

By | Feb 15, 2017 at 7:00 pm

In early January, a Salt Lake City-based software company called ARCOM acquired InterSpec, a small, under-the-radar software firm in South Portland. InterSpec develops software and provides spec-writing services for the construction and architecture industries Gilles Letourneau founded the company in 1998. Financial details of the…

Startups & Apps

Surge Hydro Wins Award at National Cleantech Open for Low-Cost Hydropower Idea

By | Feb 15, 2017 at 10:30 am

An Belfast-based company working on utilizing our country’s existing hydroelectric facilities, won an award on Thursday evening at the national Cleantech Open contest in San Francisco. Surge Hydro received the national award for the “Business Model with the Best Chance for Immediate Investment and Commercialization,”…

Funding

Report: Maine SBDC Clients Secured $47.1M in 2016

By | Feb 13, 2017 at 8:30 pm

Business owners who sought assistance from the Maine Small Business Development Centers (SBDC) raised $47.1 million in capital during 2016, more than any other year in the program’s 40-year history, according to the Maine SBDC’s recently released annual report. Maine SBDC surveyed 1,583 of their clients…

Accelerator

MaineHealth, Unum Commit $200K to Support Startup Accelerator in Portland

By | Feb 11, 2017 at 12:45 pm

MaineHealth and Unum are betting that technology startups will drive significant innovation and growth within the healthcare industry, and are investing money and resources to attract some of those startups to Portland. The two companies — which are two of the largest employers in…

Ecosystems

MTI Provides Grants to Seven Maine Companies

By | Feb 5, 2017 at 12:45 pm

While the Maine startup ecosystem goes somewhat unrecognized, the burgeoning tech and innovative startups are making some serious moves. The Maine Technology Institute has awarded $95,213 in grants to seven Maine companies in hopes of jump starting the ecosystem. To be more specific, MTI…

Funding

CEI Ventures Closes Fourth VC Fund at $10 Million

By | Jan 26, 2017 at 10:30 am

CEI Ventures announced the closing of its fourth venture capital fund with nearly $10 million available to invest in startups in Maine and the Northeast. The Coastal Ventures IV fund has been operating for the past year since their raise of $7.2 million and initial closing in…