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Fund Profile:
Small Enterprise Growth Fund
P.O. Box 619, Augusta, ME 04332-0619
Telephone: (207) 623-3263, (800) 228-3734
Fax: (207) 623-0095
Website: www.segfmaine.com
Key Personnel: John F. Burns, CFA, Fund Manager
Terri Wark, Fund Administrator
Established: 1997
Total Committed Capital: $8 million
Amount Invested: $6.6 million
Geographic Focus: Maine
Background
SEGF was created by an act of the Maine Legislature in 1996 to provide Maine companies and entrepreneurs access to "patient" sources of venture capital. It is a revolving, "evergreen" fund, seeded through a combination of state bond proceeds (1997) and direct appropriation (2000) by the Maine Legislature.
Social Mission
The Fund's goal is to encourage economic growth in Maine by supporting creative and viable companies that can demonstrate a potential for high growth and public benefit.
Investment Information
SEGF invests in Maine. Investments from the Fund will focus on industries that support and enhance the economic development strategy of the State. The Fund invests in a wide variety of industries, the key criteria being that the company have the potential for high growth and public benefit. Initial investments are typically between $150,000 and $350,000, leaving capital available for follow-on rounds of investment. Companies must employ 50 or fewer people or have had gross sales of $5,000,000 or less within the past 12 months in order for the Fund to make an initial investment. There is no size limitation for follow-on rounds. Companies must receive a co-investment in an amount at least equal to the amount invested by the SEGF.
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