Maine Angels raises $2.4M fund to invest in startups

(From Maine Startups Insider) The Maine Angels announced it has raised $2.4 million from local angel investors to create a pooled investment fund to invest in early-stage, high-growth companies. The fund will seek to invest in 12 to 15 companies over the next two or three years. Read more »

Startups, downtown activity are now central to the central Maine economy

(From Mainebiz) A record $125 million-plus invested in downtown Waterville has catalyzed local economic growth. A mix of funding, infrastructure, education and tech talent provided by partners including Colby and Thomas colleges, the Kennebec Valley Community College (KVCC), Maine Technology Institute and Bricks has greatly contributed to the boom. Read more »

Renewable energy partnership boosts Millinocket mill site redevelopment

(From Mainebiz) Phase two of the infrastructure buildout at the former Great Northern Paper mill site in Millinocket is underway; including improvements to the onsite power grid, data transmission, sewer and water systems, roads and rail. The project was recently awarded $1.34 million in financing — a $500,000 grant from Maine Rural Development Authority and an $837,000 loan from Maine Technology Institute.
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Two Maine startups get into national cleantech accelerator program

(From Mainebiz) Both the Yarmouth-based BaselineES and Foothill Fuels of Portland will join 45 regional peers in the Cleantech Open Northeast cohort of the annual Cleantech Open accelerator program. This year's program will take place virtually due to the pandemic. The Maine Technology Institute will cover costs for both Maine participants, while the Environmental & Energy Technology Council of Maine promoted and facilitated their applications.
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UMaine med device spinoff Neuright receives $225K tech transfer award

(From Mainebiz) Neuright Inc. is working to create and commercialize an affordable medical device that measures nerve conduction and stimulates the regrowth of nerves. The startup was formed as a result of the team’s participation in the first cohort of the UMaine Innovation, Research and Technology Accelerator program, (MIRTA), made possible by the University of Maine System Research Reinvestment Fund. The company has also received funding and support from MTI. Read more »

Waterville startups focus on college experience

(From Mainebiz) Two Waterville startups received software development grants from the Maine Technology Institute to support their expansions across Maine’s college campuses. Easy Eats received $10,000 and Sklaza received $5,000. Both were founded by Colby College students. The grants are designed to address challenges in the startups’ growth. Read more »