Maine Startups Logged Zero VC Deals in Q1

April 21, 2017

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 than a year that Maine companies didn’t record a single VC deal (though comparisons over time are now difficult as the MoneyTree Report changed its methodology at the end of 2016). Last year’s first quarter saw three Maine companies (Pika Energy, Redd, and Cerahelix) raise a total of roughly $3.8 million.

However, as Mainebiz points out, Rambler’s Way Farm (started by Tom Chappell of Tom’s of Maine fame) and Double Blue Sports Analytics both filed paperwork with the SEC during the first quarter that updated previously reported investment rounds.

Maine Venture Fund didn’t make any investments during the first quarter either, because MVF is a quasi-state organization, the MoneyTree Report doesn’t include its deals in the report.

“Lots of things cooking, but no closes,” John Burns, MVF’s managing director, reports.

Burns said MVF has two follow-on investments ready to close during the second quarter, though.

Maine was the sole New England state to record zero VC deals during the first quarter, according to the MoneyTree Report. Companies in Massachusetts, which is the region’s perennial VC magnet, pulled in $1.8 billion over 95 deals, while Connecticut companies pulled in $85.9 million in 12 deals. Rhode Island and New Hampshire both recorded three deals that brought in $18.8 million and $16.2 million, respectively. A single deal in Vermont got it on the board with $150,000.

The post Maine startups log zero VC deals in Q1 appeared first on Maine Startups Insider.

Read more about the Maine startup ecosystem here on Tech.Co

Photo: Flickr / Steve Dorsey

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Whit Richardson is a former daily newspaper journalist in Portland, Maine, who has covered business and entrepreneurship for the past decade. He's founder of Maine Startups Insider and currently editor-in-chief of 4Front Publishing, an online news startup covering the nascent legal cannabis industry.

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