VETRO raises $7M in growth capital

(From Maine Startups Insider) Portland-based company, VETRO, recently raised $7M to help accelerate product innovation and global expansion. MTI was an early investor in the developer of cloud-based fiber management software for the telecommunications industry. Read more »

Power from the tides powers Ocean Renewable Power Co.’s business growth

(From Mainebiz) Ocean Renewable Power Company (ORPC) develops renewable power systems that convert a river's kinetic energy into electricity. ORPC has a number of goals for 2023, including introducing new products to the market and deploying a Modular RivGen® Power System in Millinocket. MTI has been a consistent funder and supporter of the Portland-based company since its inception. Read more »

Newcastle Farm Receives Federal Grant To Enter Regional Salami Market

(From The Lincoln County News) Singing Pastures was recently awarded $215,000 through the federal Value-Added Producer Grant Program which helps rural businesses expand processing, marketing, and sales for value-added products. In addition, the US Small Business Administration named the Newcastle farm “Maine Micro-Enterprise of the Year.” MTI provided Singing Pastures with funding for important market research. Read more »

Running Tide Becomes Microsoft’s First Open Ocean-Based Carbon Removal Supplier

(From PR Newswire) Running Tide Technologies and Microsoft recently signed a 2-year agreement to remove the equivalent of 12,000 tons of carbon dioxide (C02e) using breakthrough technology. Running Tide's operations and carbon-negative industrial hubs offer cascading benefits for coastal communities and ecosystems, supply chains, and global ocean health. MTI provided the Portland-based company with early-stage funding and SBIR support. Read more »

Kittery’s Good To-Go leverages Maine’s mentorship and capital resources

(From Mainebiz) Good To-Go makes gourmet dehydrated meals for outdoor enthusiasts. The company recently closed on a Series A round of $1M which enabled it to scale its facility and support ongoing growth. The Kittery-based business is currently doing market research and expects to hire additional employees in the coming months. MTI is an investor in the innovative company. Read more »

Maine Cap N’ Stem is growing mushrooms — and growing a business

(From Mainebiz) Maine Cap N’ Stem grows substrates and other supplies for mushroom farms nationwide. The Gardiner-based business has plans to expand to a 75,000-square-foot space in Lewiston. MTI provided funding and support to the company for the development of innovative technologies designed to grow the business and bolster the agriculture sector as a whole. Read more »

You can grab “Lobster Lotion” at L.L. Bean store

(From WMTW) Marin Skincare recently announced their Soothing Hydration Cream is now available to customers at L.L. Bean. Since launching, the company has seen 400% growth year over year, hitting seven figures in sales. MTI provided the startup with initial funding and support. Read more »