Maine Venture Fund (“MVF”) Partners with CEI and private investors to fuel the expansion of Gelato Fiasco, Inc.
May 13, 2015
Gelato Fiasco, Inc, based in Brunswick, Maine, is a fast growing Maine-based company that makes bold, intense flavors of gelato and sorbetto that can found in their two retail locations in Brunswick or Portland, Maine, or in grocery stores throughout the United States. Gelato Fiasco uses only the best ingredients, such as whole milk and cream from Maine dairies, natural cane sugar, and real fruit and nuts. Their super-premium gelato is getting nationwide recognition.
“We hope to double our sales in 2015. Additional capital will help us expand our production capacity and meet the growing demand for our desserts across the country,” said Joshua Davis, co-founder of Gelato Fiasco. “We have had remarkable support from our original investors, including CEI Ventures and Maine-based individual investors, and we are grateful for the additional support from Maine Venture Fund.”
MVF, CEI, and private investors provided Gelato Fiasco with a combination of convertible debt capital and traditional debt financing to support the company’s strong growth prospects. According to MVF Investment Manager, Jayme Okma Lee, “We are excited to support the success of Gelato Fiasco, Inc. Helping Gelato Fiasco grow is a real win for the State, it means more jobs, and more demand for Maine dairy. The company’s quality product and strong brand have poised the company to be the national leader in the premium gelato market.”
CEI and its venture capital subsidiary, CEI Ventures, provided a line of credit and an investment. “CEI has been involved with Gelato Fiasco since 2010. We have been impressed with their focus on creating a unique brand, product quality, and social responsibility. On behalf of CEI and CEI Ventures, we are thrilled to be a part of this company’s continued growth and bright future,” said Chandler Jones, Principal, CEI Ventures.
MVF is a professionally managed venture capital fund that invests exclusively in Maine companies that demonstrate a potential for high growth and public benefit. The Fund has been actively investing in Maine companies since 1997, after its creation by an act of the Maine Legislature in 1995. The fund has received $13 million in capital contributions from the State of Maine and operates as a revolving, “evergreen” fund.
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