June 11, 2025
PORTLAND & ELLSWORTH— The Maine Community Foundation (MaineCF) today announced a partnership with Maine Venture Fund (MVF), which will fund innovative Maine-based startup businesses and help spur economic opportunity across the state.
With guidance and approval from its Board of Directors, MaineCF has committed to invest up to 2% of its investment portfolio in ways that meet its mission to build a better Maine. MaineCF’s investment will support entrepreneurs and businesses by leveraging MVF’s unique positioning as a venture fund 100% dedicated to Maine-based businesses.
“Maine Community Foundation is committed to community leadership and building a better Maine using all of the tools at our disposal and working with partners across all sectors of our state,” said MaineCF President and CEO Deborah Ellwood. “We believe this investment in Maine entrepreneurs and startup businesses will create economic opportunity and jobs across the state – and increase the resources available to support our charitable work.”
“The Maine Community Foundation is excited for this opportunity to invest in new businesses, create jobs and support innovation across the state to build a better Maine,” said Brendon Reay, chief investment officer. “We are grateful our Board of Directors agreed with the innovative idea to invest a portion of our portfolio right here, directly into the highest-potential growth startups in Maine through the expertise of our partners at Maine Venture Fund.”
“MaineCF works with Maine communities to build economic resilience, and we are excited to partner with them to help deploy funding into Maine's innovative, startup ecosystem." said Joe Powers, managing director at Maine Venture Fund. “Innovative small businesses are important economic drivers and this commitment will allow more businesses to have adequate funding to grow and scale in Maine.”
A short video announcing the MaineCF-MVF partnership produced with Tailwind Media highlights Saco-based Tanbark Molded Fiber Products as an example of a promising Maine-based company. Tanbark provides access to planet-friendly, purpose-driven products and packaging made from molded wood pulp fiber. Tanbark uses sustainably harvested wood fiber from Maine and New England forests, building on Maine’s forestry innovation heritage.
“When I first started Tanbark, I didn’t really know that much about why plastic was bad. I just had a general understanding that it is probably not great,” Tanbark CEO Melissa LaCasse says in the video. “This product that we are trying to replace it with is very good for the planet. There will be products made from this material that you would never imagine. It will replace rigid, single-use plastic.”
Regarding the challenges and opportunities startup business in Maine face, LaCasse said, “We knew how to do [business to business] sales. We knew a lot about manufacturing. What we didn’t know anything about was how to raise money [or] how to fund a startup.” MVF first invested in Tanbark in 2022 when the company raised its seed round to create its manufacturing facility in Saco. The new MaineCF-MVF partnership will support more companies like Tanbark, which are driving innovation and economic growth in the state.
Now up and running with clients such as Luke’s Lobster, LaCasse noted: “It has an enormous positive effect on a community if you can start a thriving business. We have 15 employees. In the next few months, we will be hiring five to 10 more people.”
About Maine Community Foundation: The Maine Community Foundation brings people and resources together to build a better Maine through strategic giving, community leadership, personalized service, local expertise and strong investments. To learn more about the foundation, visit www.mainecf.org.
About Maine Venture Fund: Maine Venture Fund invests in Maine businesses that have the highest potential for growth and impact. The Fund, which was created by the Maine Legislature in 1996 as an economic development engine for the state, has an “evergreen” structure that recycles any returns back into Maine businesses. Over $49 million has been invested through this model to date. To learn more, visit www.maineventurefund.com.
About Tanbark Molded Fiber Products: Tanbark Molded Fiber Products designs and manufacturers rigid packaging and products from natural, sustainable wood and plant fibers. Our advanced thermoforming technology produces precise, highly detailed parts that are cost effective for single and limited use applications like medical devices, packaging inserts, or food containers. Visit www.tanbarkmfp.com to learn how you can reshape the future with molded fiber.
About Tailwind Media: Tailwind Media is a full-service video production company based in Midcoast Maine. Whether your organization is seeking video content for social media, internal communications, or your next commercial production, we bring years of experience and would love to help you tell your unique story and connect with your audience. For more information, see www.tailwindmedia.com.
