Village Capital to invest $50K to assist Maine startup
A Utah-based venture capital firm has announced that it will team up with a Maine group to assist a startup with financing in addition to connecting the entrepreneurs with potential investors and markets.
Village Capital’s VilCap Communications initiative will partner with entrepreneurs and direct $50,000 to emerging startups. According to the Portland Press Herald, VilCap selected 16 cities, including Portland, where startup communities are underserved by more conventional forms of financing.
The group will team up with Maine Accelerates Growth to identify and fund a local startup working in the food or agriculture industries.
“(The selection) is really a reflection of all the incredible work happening by all of the stakeholders and entrepreneurs across the state — a list that is really big,” Jess Knox, statewide coordinator for Maine Accelerates Growth told the Portland Press Herald.
Village Capital is most notable in its preference to focus on companies outside of San Francisco, Boston and New York where conventional venture capital financing usually occurs. According to the Press Herald, the group also uses a one-of-a-kind peer-review model when making investments.
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