November 15, 2018
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These Maine companies are luring major venture capital investments

Contributed | BDN
Contributed | BDN
Brothers Scott and Jon Demers, owners of Cheating Gourmet in Auburn, have pulled in close to $2.2 million in venture capital investment for their frozen seafood appetizer company.

A frozen seafood company and a maker of high-tech metallurgical products attracted a combined $2.67 million in venture capital investment in the second quarter of this year.

The investment continues a trend of three companies raising $5.98 million in the first quarter of this year and five companies raising $230.85 million for all of 2017. The 2017 amount was the highest raised in more than a decade.

Cheating Gourmet Foods, a frozen seafood company based in Auburn, raised $2.17 million in the second quarter of this year, with Arbel Growth Partners as a key investor, according to the MoneyTree Report released today by PricewaterhouseCoopers LLP and CB Insights.

Junora Ltd., a Biddeford-based startup company that makes advanced metallurgical products for the vacuum coating industry, received $500,000. CEI Ventures Inc. of Brunswick was a minority investment.

Other Maine companies that received investments this year include Portland technology company MedRhythms Inc., which raised $4.7 million in July, and Hyperlite Mountain Gear, a Biddeford company that raised $1.1 million in January to expand production for its ultralight outdoors gear and hire more people.

The strong showing by Maine companies comes at a time when overall U.S. venture deal activity rose 9 percent from the first to second quarter of this year, according to PwC. The total venture funding in the United States in the second quarter of 2018 was $23 billion.

“Deal activity looks to be resurgent with $23 billion invested in venture capital-backed startups setting a new quarterly funding record for the start of this century,” Tom Ciccolella, PwC’s U.S. Venture Capital Leader, said in a prepared statement.

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