FAME ready to deploy venture capital money

Submitted by The Associated Press on Tue, 08/11/2009 - 09:53

AUGUSTA -- The Finance Authority of Maine has venture capital funding, and it wants to spend it.

The agency says it's requesting applications by private venture capital funds as it prepares to deploy up to $985,000 in additional funds through its successful Maine Economic Development Venture Capital Revolving Investment Program.

CEO Beth Bordowitz says the money shows FAME is committed to helping young startups, "especially in this challenging economy."

Since 2000, FAME has given $3 million to five separate venture capital funds. Those five funds have collectively invested nearly $13 million in Maine companies.

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