FAME releases $1M in VC funds
The Finance Authority of Maine is requesting applications in its efforts to dole out nearly $1 million to private venture capital funds.
FAME is ready to deploy up to $985,000 through its Maine Economic Development Venture Capital Revolving Investment Program, which was created by the Legislature in 1995 to invest in private venture capital funds to support emerging and early-growth businesses in Maine, according to a release from the organization. The newly available funds are a result of successful returns on the program's previous investments.
Since 2000, FAME has invested $3 million in five separate VC funds: The Borealis Fund L.P.; Brook Venture Fund II; CEI Community Ventures LLC; Coastal Ventures II LLC; and Masthead Venture Partners Capital L.P. These five funds have collectively invested almost $13 million in various Maine companies.
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