New Managing Director to Lead Maine Venture Fund

PORTLAND, Maine, May 11, 2021 /PRNewswire/ -- Joseph "Joe" Powers has been named the new managing director of Maine Venture Fund (MVF), a state-sponsored venture capital fund. The decision comes after a nationwide search prompted by the decision of the organization's first Managing Director John Burns, CFA, to semi-retire after 20 years at the organization's helm.

Powers joined Maine Venture Fund in 2019, most recently serving as principal, where he oversees deal structuring and relationships with multiple portfolio companies. Prior to MVF, he worked for a number of startup technology companies, including Tesla, Zoox, and Clean Marine Energy. Powers was raised in rural Vermont and is an alumnus of Middlebury College (BA) and the Tuck School of Business at Dartmouth (MBA). In his spare time, he mentors entrepreneurs at SCORE Maine and the Maine Center for Entrepreneurs.

"I'm deeply appreciative of John's mentorship and the collaboration from MVF partners over the past two years," said Powers. "I'm motivated by future opportunities across the state and regionally and am focused on building on MVF's strong foundation to broaden our impact, especially within underserved communities."

Under Burns' leadership as founding managing director, the fund found its footing as a venture capital firm, supported over 80 Maine companies, and helped create thousands of jobs across the state.

"I am excited about supporting Joe," said Burns. "He is the right leader to take MVF to the next level with even greater impact on economic development in Maine by supporting our state's dynamic growth companies."

About Maine Venture Fund

Maine Venture Fund invests in dynamic businesses that have the potential for significant growth and impact in Maine. The Fund has invested over $20 million in Maine companies since 1997, after its creation by an act of the Maine Legislature in 1995 as a revolving "evergreen" fund. For more information, visit maineventurefund.com.

For more information contact:

John Murray, Chair of the Board of Directors Maine Venture Fund [email protected]   207-924-3800

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SOURCE Maine Venture Fund