Gulf of Maine Ventures and Bold Ocean Ventures are building and investing in Blue Economy Innovation in Maine

Gulf of Maine Ventures and Bold Ocean Ventures share their perspective on the Blue Economy in Maine and how their strategy plans to leverage and help scale innovation for a resilient ocean ecosystem. 

In its 2020 five-year strategic plan for the Blue Economy, the National Oceanic and Atmospheric Administration (NOAA) reported that in 2018 the Blue Economy supported 2.3 million jobs and contributed $373 billion to the United States’ gross domestic product. By 2030, they estimate that number will triple.  

With 3,478 miles of tidal coastline and a broad regional network of science and industry experts, Maine is poised to become a prime location for entrepreneurs interested in the Blue Economy. Seeing the potential for science-driven innovation, the Gulf of Maine Research Institute (“GMRI”), a Portland-based research institute focused on ocean and climate science, launched a mission-driven, for-profit subsidiary called Gulf of Maine Ventures to provide early-stage technical and business support to Blue Economy startups looking to scale.   

GMRI has launched two companies, True Fin and New England Marine Monitoring. With the help of the Gulf of Maine Ventures team, these businesses have grown quickly and attracted private capital to support their growth. An emphasis on external partnerships has produced a steady stream of early-stage deal flow and demonstrated that entrepreneurs and partners value Gulf of Maine Ventures’ ocean and climate science expertise and business building support. Through this work they also identified an important gap in the marketspace: scaling these companies requires access to capital.  

Establishing Bold Ocean Ventures, an early stage impact-driven venture capital fund, is the natural progression of the Gulf of Maine Ventures strategy. Bold Ocean Ventures, which is a formal partnership with Gulf of Maine Ventures, is led by independent, experienced investment professionals, Brady Bohrmann and Tim Agnew, who bring extensive experience in managing venture capital funds, including over 20 years together at Masthead Venture Partners. Bohrmann also currently serves as a General Partner with Avalon Ventures and is on the Investment Committee of the JDRF T1D Fund, a venture philanthropy fund focused on Type-1 Diabetes. Agnew served as CEO of the Finance Authority of Maine and as board member and chair of  Maine Venture Fund, Maine Technology Institute and Portland Development Corporation. 

The mission of Bold Ocean Ventures is to connect science and capital to catalyze solutions for a productive and climate resilient ocean ecosystem. The fund targets companies that are innovating within the seafood industry and/or addressing ocean-related impacts of climate change. They seek companies that offer both a return on impact and a return on investment. Located in the Gulf of Maine, they see themselves uniquely situated in a strategic, living laboratory at the frontier of change and innovation for ocean-based economies.  

“We believe that Maine is strategically located to be a leader in ocean investment and innovative growth,” said Bohrmann. Maine has a competitive edge  – situated between major European markets and US supply routes – with access to the working waterfront, a wealth of fisheries and other natural resources, deep maritime knowledge and know-how, and a cluster of world-class ocean science institutions. Through emerging applications of data-enabled technologies, Bohrmann predicts that we will see a big transformation in Maine’s traditional seafood industry and the broader ocean data and climate technology markets. Bohrmann adds “our regional Blue Economy is well-positioned to develop new products and services that will make it more resilient and successful in the long run.” 

The partnership with GMRI gives the Fund a strong understanding of the needs and challenges of the regional economy and the benefits of connections with the community of businesses, educational institutions, and researchers that focus on the Gulf of Maine. From the due diligence process through advising portfolio companies, relevant staff at GMRI are consulted through a formal Advisory Committee. The Fund leverages their expertise in ocean and climate science and seafood markets to screen companies for real impact and to advise funded companies in effectively scaling their solutions. The partnership benefits both investors and prospective portfolio companies, with an aim to create a regenerative cycle of human and financial capital that accelerates sustainability of ocean ecosystems. Bold Ocean Ventures is creating a scalable Blue Economy investment platform to build on Maine’s existing resources and broaden its impact over time.   

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Gulf of Maine Ventures  

The business development and impact investment, for-profit subsidiary of the Gulf of Maine Research Institute. They bridge the gap between innovative, blue economy businesses and the capital, technical knowledge, and networks needed to help them grow.  

Bold Ocean Ventures 

Led by independent, experienced investment professionals, Brady Bohrmann and Tim Agnew, Bold Ocean Ventures is a first-time venture capital fund building on efforts by Gulf of Maine Ventures to apply their scientific and market expertise to support the growth of innovative, sustainable ocean-related businesses. 

About Maine Venture Fund

Maine Venture Fund invests in dynamic businesses that have the potential for significant growth and impact in Maine. For more information, visit maineventurefund.com. 

Inquiries:
Terri Wark
Maine Venture Fund
(207) 924.3800
terri@maineventurefund.com