2025 Year in Review
News
2025 Year in Review: Betting on Maine's Bold Future
By Joe Powers, Managing Director
Time flies! At Maine Venture Fund, we’ve been fortunate to continue our work of accelerating high growth companies for the benefit of the State for the past year and we’re excited about what is to come in 2026.
Looking back through the past 12 months, 2025 was another challenging year for venture-backed companies, especially for those raising new capital. The changing tariff landscape and general macroeconomic uncertainty has been a headwind for most MVF portfolio companies. The AI investment boom aside, most investors are similarly cautious. MVF invested $3.3M into Maine-based companies, which is just ahead of our typical investment volume. This increase was driven by both a growing pipeline as more companies start in or move to Maine (see Katie Shorey’s missive at the bottom of this post) and MVF’s access to a federal program through FAME called Grow Maine that will likely sunset in 2026.
From the capital that MVF did deploy, we were excited to welcome 13 new innovative, Maine-based companies to the portfolio, 10 via an indirect investment into the Roux Institute at Northeastern University’s Future of Healthcare Founder Residency program and three direct investments into Whole Trees, North Spore and Integrated Reality Labs. A few more stats that we’re proud of from our current portfolio:
69: Portfolio size (# of companies), MVF’s largest-ever, across all industries
78: Percent of portfolio companies located in economically distressed areas.
30: Percent of portfolio companies led by female CEOs (vs 2% industry-wide)
23: Percent of portfolio companies innovating within Maine’s “heritage industries” of farming, fishing and forestry, which is aligned with several of the state’s economic development goals, including the Governor’s Economic Development Strategy.
The Maine Venture Fund team behind this activity consisted of our three full-time team members (yours truly included) plus four contractors (Matt Baer, Claire DeSelle, Lydia Swann, Fisher Green Creative) and 11 generous volunteer Board members including our Board Chair, Dr. Brien Walton, Vice Chair Peter DelGreco and Treasurer Julie Viola.
My two trusty colleagues on the Management Team are Terri Wark, Office Operations Manager, who was MVF’s first employee and remains a key linchpin behind the scenes while Nina Scheepers (Principal) would come up in an encyclopedia search of the word “adept” - she has a natural investor’s intuition and is a new mom this year! (Big thanks to Matt Baer - mentioned previously - for seamlessly covering for Nina while she was away on maternity leave.) Nina also continues to manage the Maine Startup Challenge, sharing that role this year with Lydia Swann. This is a statewide business plan competition, which last saw a record year of applications (156) from participants of all ages and is gearing up for another edition in the spring. To any Maine educators or parents out there, help us spread the word!
In November, we held our annual End of Year Portfolio Recognition Event at the beautiful Wolfe’s Neck Center in Freeport. Per tradition, we highlighted several portfolio companies for extraordinary performance throughout the year. Keynote speaker Katie Shorey, Director of Engagement at Live + Work in Maine and long-time leader of Startup Maine inspired the group of entrepreneurs and partners in the room with her insights about place-based economic development and the opportunities for Maine (founders and ecosystem builders alike) that abound in how we tell our stories to motivate collective action. I couldn’t have said it better, so we’ve included her speech at the end of this newsletter.
After Katie’s keynote, the following companies earned awards:
Grit Award (for perseverance in the face of adversity): Orange Bike Brewing
Acceleration Award (for impressive sales growth in the past year): Alivo
John F Burns Integrity Award (for excellence in governance and management): HighByte
To summarize all of our activities, from the strategic to the mundane, MVF generates a detailed Periodic Report for the Maine Legislature each year. The 2025 report is fresh off the press and can be viewed here. We also publish a brief Impact Report as well, and we’ll update this with 2025 numbers early next year. Needless to say we’re very proud of the role we play in the Maine economy and are looking forward to building on that momentum.
As we turn the page to 2026, I'm deeply grateful for the opportunity to work alongside so many dynamic founders, supporters, and ecosystem builders. Investing in Maine businesses with the highest potential for growth and impact isn't just our mission—it's our privilege.
Here's to another year of backing Maine's boldest ideas.
Happy New Year from all of us at Maine Venture Fund!
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Katie Shorey Keynote Address below:
Stories That Scale: Building Maine’s Startup Identity
Katie Shorey, Director of Live and Work in Maine; President, Startup Maine
November 12, 2025
Good evening, everyone!
It’s great to be here with the Maine Venture Fund community—investors, founders, and partners who are shaping the next chapter of our state’s economy. I’m Katie Shorey, President of Startup Maine, and my day job is with another nonprofit, Live + Work in Maine. I like to describe LWM as economic development meets creative marketing. We promote careers and industries in Maine by executing campaigns, a job board, events, and bridge partnerships among employers. Startup Maine’s work is focused on being a champion and convener of the entrepreneurial ecosystem. Attracting startup talent (and keeping scalable companies) is one talent attraction tactic.
The last three years I’ve been traveling around the country and meeting other groups similar to Live and Work in Maine - because we are actually part of an industry now. I’ve been to North Dakota, Flint, Michigan, Cleveland and this year we’ll be going to Buffalo. Everyone’s models are a bit different. Some are funded at the state level, through the equivalent of DECD. Others are directed by the current governor - such as Michigan - and they have regional efforts under the one umbrella. We are a nonprofit and employer led organization.
But there are a [couple of] common threads:
1) ecosystem builders doing the work and
2) branding of place.
And this is something we don’t always associate with entrepreneurship and investing—but is critical: storytelling. Not just marketing. I mean the kind of storytelling that makes investors lean in, that attracts founders to build here, and that convinces talent to stay here. Because when a region finds its story—and tells it clearly and consistently—it becomes more than a place on the map. It becomes a movement people can join.
Why storytelling matters - let me give you a few examples.
In Buffalo, New York, they built a story around one bold idea: a five-million-dollar startup competition. If you wanted the money, you had to move there. It wasn’t just about the cash—it was about creating a clear identity. Now, “43North” is nationally known, and every year those headlines remind the world that Buffalo’s got something to prove.
Tulsa, Oklahoma took a different approach. They said, “Come build a life here.” They offered remote workers $10,000 to relocate, and then local investors like Atento Capital turned that influx of people into an innovation pipeline.
Charlotte, North Carolina leaned into what it already was—a banking and fintech hub. They built coalitions like Carolina Fintech Hub, and now major players like Coinbase are hiring there.
And Washington, DC? They branded themselves around inclusive innovation—putting their money behind founders who were traditionally left out.
Each of these regions picked a lane, stuck with it, and told their story over and over again. It’s consistent and it's intentional.
So, what’s Maine’s story?
We already have proof points. IDEXX and WEX—incredible companies that scaled globally from right here. They showed that billion-dollar businesses can start and grow in Maine.
But those stories are getting old. And I’m hearing from new to Maine people that they want to be part of something new - that has the potential to grow.
If we want investors to look north, and talent to plant roots here, we need fresh stories – and that includes new companies scaling, raising capital, and eventually exiting. Because let’s be honest: exits are how ecosystems compound. They recycle talent, create angel investors, and attract follow-on capital.
Maine has no shortage of startups—though we definitely want more – but if we want to make headlines again, we need more of them that scale. That’s not just a founder issue—it’s a storytelling issue. We have to make success visible, repeatable, and loud enough that others want to join.
Our Untold Advantage — Remote Talent
Here’s something that’s hiding in plain sight: Maine is already home to thousands of remote workers from the world’s best companies. They’re engineers, marketers, and designers working for Google, Meta, Stripe, Zoom, Dell, Apple, and the next wave of growth-oriented startups.
They’ve chosen Maine for the lifestyle—but we haven’t yet told the story of what that means for our economy. What if we did? What if, tomorrow, we announced that Google had opened an “office” in Maine—not a building, but a network of 15 remote employees who already live here? Imagine the headline: “Google’s Maine Office Opens—15 Remote Workers Call Vacationland Home.” That’s not a fantasy—it’s already true. We just have to claim it. These professionals are an untapped force for mentoring, investing, and advising our local founders. If we invite them in, and tell their stories, we’ll start to see our talent density—and our reputation—multiply.
Lessons from Other Cities
Every thriving startup region has one clear message:
Buffalo: “We bet on big ideas.”
Tulsa: “Come for quality of life. And we’ll pay you for it”
Charlotte: “We own fintech.”
DC: “Innovation that includes everyone.”
Chattanooga: “Gig City.”
Miami: “Momentum you can measure.”
Each of those places built a brand around what was uniquely theirs. So the question for Maine is: What’s our headline?
Maine’s Headline Story
Here’s mine:
“Build what matters, where it matters.” We solve real, tangible problems—climate, ocean health, food, advanced manufacturing, healthcare. We do it in a place that values community, sustainability, and work that has purpose. That’s what investors and founders are craving—a sense that their work connects to something bigger. And that’s the story only Maine can tell.
The Investor Case
So for most of us in the room: the next decade’s story depends on us. We don’t just need more startups—we need more scaled startups. The ones that attract follow-on rounds, hire 50 or 100 people, and eventually exit. Every exit creates new investors. Every investor fuels new startups.
We are thinking through this challenge and opportunity at Startup Maine, and how we can play a role in bringing the stories to light. But we need more success stories to promote.
Maine has all the raw material: founders with grit, investors who care about community, institutions like MVF, Maine Technology Institute, CEI, Dirigo Labs, Startup Maine …and an unmatched quality of life. The next step isn’t waiting for the perfect policy or unicorn (though….that would help). It’s telling our story—loudly and proudly, and together.
So here’s my ask:
Investors—figure out how you can share more stories with your network in and out of Maine. Get more of them on board.
Founders—be loud and proud about building your company from Maine. We all need to be saying: “Of course it’s happening in Maine.” Because when people believe the story, they stay around waiting for the sequel. So we just need to start writing it better.
******
If you made it this far…there’s more. As a fun joke, I ran this newsletter through Anthropic’s Claude AI product and thought that some of you might get a kick out of “a more irreverent version” if you have a few more minutes. Some say this is better than the original…
2025 Year in Review: Another Year of Backing Maine's Craziest Ideas (In a Good Way)
Another year, another 365 days of convincing people that yes, Maine is absolutely where the next big thing is happening. Spoiler alert: we were right.
The Economic Vibes Were... Complicated
Look, 2025 wasn't exactly a walk in the park. Tariffs kept changing like New England weather, the broader economy had everyone clutching their pearls, and the only investors throwing money around with reckless abandon were the ones who'd drunk the AI Kool-Aid. (Bubble? Not bubble? Place your bets now, folks.)
For everyone else in venture capital? Cautious doesn't even begin to cover it. Think "deer in headlights" levels of hesitation.
But you know what? We still deployed $3.3M into Maine-based companies—actually a bit more than our usual pace. Why? Two reasons:
More companies are starting in or moving to Maine (shocking, we know—it's almost like lobster rolls and lighthouses are persuasive)
We had access to FAME's Grow Maine federal program, which is probably disappearing in 2026 like your New Year's resolutions by February
We decided to use it or lose it.
Fresh Faces, Big Ideas
This year we added 13 new companies to the MVF family. Ten came through our investment in the Roux Institute's Future of Healthcare Founder Residency program (yes, that's a mouthful), and we made three direct investments: Whole Trees, North Spore, and Integrated Reality Labs.
Cool companies doing cool things. That's the technical term.
Stats That Actually Matter
Here's the part where we brag a little:
69 companies in our portfolio – Nice. Also, our biggest portfolio ever.
78% of them are in economically distressed areas – Because putting money where it's actually needed is kind of the whole point.
30% are led by female CEOs – Meanwhile, the national average is 2%. Yeah, two percent. We'd say we're crushing it, but honestly, everyone else is just doing terribly.
23% are innovating in farming, fishing, and forestry – Maine's heritage industries getting a high-tech glow-up. Your grandfather's lobster boat, but make it data-driven.
The Dream Team (No, Seriously)
None of this happens without our crew. Three full-timers, four contractors (shoutout to Matt Baer, Claire DeSelle, Lydia Swann, and Fisher Green Creative), and 11 volunteer Board members who somehow find time to guide us between their actual jobs. Special recognition to Board Chair Dr. Brien Walton, Vice Chair Peter DelGreco, and Treasurer Julie Viola for keeping us honest.
Let me tell you about my partners in crime:
Terri Wark, Office Operations Manager and MVF's OG employee, is the person who makes everything actually work. You know how every great organization has that one person holding it all together behind the scenes? That's Terri.
Nina Scheepers, our Principal, is so naturally talented at this investing thing it's almost annoying. Look up "adept" in the dictionary and you'll find her photo (or you would if dictionaries still had photos). Oh, and she had a baby this year while also co-managing the Maine Startup Challenge with Lydia Swann. Because apparently sleep is optional when you're that good at your job.
Speaking of the Startup Challenge: we got a record 156 applications from people of all ages last year. Another competition is launching this spring, so if you're an educator or parent, help us get the word out. Your student's business idea might be the next big thing. (No pressure, kids.)
Awards Night: The Oscars, But for Startups
In November, we took over the gorgeous Wolfe's Neck Center in Freeport for our annual "let's celebrate not going out of business" party. (Official name: End of Year Portfolio Recognition Event.)
Our keynote speaker, Katie Shorey from Live + Work in Maine, absolutely crushed it with her talk about place-based economic development and how Maine needs to tell its story better. Honestly, she said it better than we ever could, so we stuck her whole speech at the end of this newsletter. Read it.
We also handed out some hardware:
Grit Award (for refusing to quit when everything went sideways): Orange Bike Brewing – Because if you're going to survive in business, you need the kind of perseverance usually reserved for marathon runners and parents of toddlers.
Acceleration Award (for "holy cow, look at those sales numbers"): Alivo – They grew like kudzu in the South. But in a good way.
John F Burns Integrity Award (for being really, really good at the boring-but-essential stuff): HighByte – Governance and management excellence might not sound sexy, but it's what separates the pros from the dumpster fires.
The Receipts
For the spreadsheet lovers and policy wonks, we publish a detailed Periodic Report for the Maine Legislature every year. The 2025 version just dropped if you want all 47 pages of glorious detail about what we've been up to.
We also do a shorter Impact Report (for people with attention spans), which we'll update with 2025 numbers early next year.
The TL;DR: We're really proud of what we're building here, and we're not even close to done.
Onward and Upward
As we flip the calendar to 2026, I'm genuinely thankful to work with such a ridiculously talented group of founders, supporters, and ecosystem builders. This job—backing Maine businesses with the highest potential for growth and impact—is the best gig in the world.
Here's to another year of proving that the best ideas don't just come from Silicon Valley.
Happy New Year from the entire Maine Venture Fund crew!
(Now go enjoy your eggnog. You've earned it.)
About Maine Venture Fund
Maine Venture Fund invests in Maine businesses that have the highest potential for growth and impact. For more information, visit maineventurefund.com.
Inquiries:
Terri Wark
Maine Venture Fund
(207) 305-0006
terri@maineventurefund.com
