💫 Circa raises $2M, startup that raised $2.2M closes, REDD acquired, and more...
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☀️ Good morning. Welcome to the 256th edition of Maine Startups Insider. You are one of 2,367 subscribers from around the country receiving this email.
It's been a few weeks since I've written to you; my family and I took a much-needed vacation, which unfortunately was followed by a tough reentry as we all got hit with a nasty cold (no COVID thankfully). The news has piled up while I was gone, so let's get to it. Covered in this edition of MSI:
Circa raises $2M to further its mission to "reinvent rent"
Friday, the SaaS startup developing software for remote teams, has shut down
REDD, the VC-backed energy bar company based in Brunswick, has been acquired
Before we get to the news, I want to thank Maine Startups Insider's newest Sustaining Member: Mark Haley, Managing Director of Burntcoat Capital, a private investment fund based in Rockport.
If, like Mark, you appreciate what MSI is trying to do and have the financial wherewithal to support my efforts, please consider becoming a Sustaining Member.
Keep creating, keep innovating, keep curious.
-Whit Richardson
/ News
Circa raises $2M as it seeks to 'reinvent rent'
Circa, a Brunswick-based fintech startup, has raised $2 million to accelerate its growth in the residential rental industry.
The company, which recently relocated from Connecticut to Maine after graduating in December from the Roux Institute Techstars Accelerator, has built a mobile- and web-based platform that reimagines the way people pay what is most often their largest monthly expense—their rent. It does this with flexible payments, credit reporting, and arrears planning.
Investors in Circa's seed round include Maine Venture Fund, Techstars, Hub Investment Group, as well as several angel investors.
Read more at Maine Startups Insider >>
MSI is sponsored by Eaton Peabody
Friday, the startup building software for remote teams, shuts down
Friday, the Portland-based startup that was building software to help distributed teams improve communication, has announced that it is shutting down.
Founder and CEO Luke Thomas announced the decision in blog post published in early April, which he then shared on LinkedIn. The company ,which employed eight, will shut off its app on June 3, 2022.
Despite raising $2.2 million in the fall of 2020 and adding 100,000 users in the past 12 months, Thomas blamed the closure on a lack of clarity around the product and its target audience.
Read more at Maine Startups Insider >>
REDD acquired by Connecticut company
REDD, the venture-backed energy bar company located in Brunswick, has been acquired by a Connecticut-based healthy-snack company.
LesserEvil Healthy Brands LLC, based in Danbury, Conn., acquired a majority stake in REDD, according to a news release. A purchase price was not disclosed.
The release says the REDD team, including Founder Alden Blease, will join LesserEvil.
Read more at Maine Startups Insider >>
MTI establishes new $39M fund to help Maine businesses recover from the pandemic
The Maine Technology Institute has established the Pandemic Recovery for an Innovative Maine Economy (PRIME) Fund to distribute $39 million in federal grants approved through the American Rescue Plan Act.
Funding is available for Maine businesses building and innovating throughout the state's technology sectors.
PRIME Funds will be administered in two phases. The application deadline for Phase 1 is midnight on May 19, 2022.
Visit MTI's website for more info >>
/ Briefly Mentioned
🏆 Jake Warn, a student at Thomas College and founder of SledTRX, won the business pitch competition at the Society for the Advancement of Management International Business Conference.
👨🏻💻 Ty Delargy of Real Time Reality, a service that streams authenticated 3D replicas of real people into any Web3 Metaverse experience securely and anonymously with full facial and body expression, won the Big Gig Finale Event. Delargy received $5,000 for the win.
📔 In 2021, the Maine Small Business Development Centers provided free, confidential business advising to 2,953 entrepreneurs and small businesses across Maine, nearly matching the record-setting volume of 2020 and doubling that of 2019, according to its annual report.
🎙 The most recent episode of UMaine's podcast, The Maine Question, asks the question: How can teaching innovation fuel Maine’s economy? Renee Kelly, UMaine's assistant vice president of innovation and economic development, is joined by two UMaine alumni and startup founders — Amber Boutiette, co-founder of Marin Skincare, and Tyler Delargy, CEO of Real Time Reality — to discuss the issue.
🍜 Upstart Maine selected Mumbai to Maine, a local specialty food company that sells Indian-inspired simmer sauces, as Bangor's Most Interesting Startup of 2021. Founder Cherie Scott shared her win on LinkedIn.
If you value this source of original Maine startup news, please consider supporting Maine Startups Insider with a monthly pledge on Patreon.
If Patreon isn't your thing, consider making a single annually recurring contribution of $60 or $120.
/ ICYMI
Here are some recent articles from Maine Startups Insider you may have missed:
Maine Venture Fund to invest up to $750K in startups at the Roux Institute Techstars Accelerator
UMaine's Foster Center for Innovation announces winners of inaugural Innovation Awards
Roux Institute Techstars Accelerator opens applications for 2022 cohort
Commentary: A roadmap for a more inclusive entrepreneurial ecosystem
/ Classifieds
✅ Have an idea for an e-commerce business but don't know where to begin? Launching an innovative product but don't know how to market it? Need assistance with Amazon FBA? Brickyard Collective, a DTC product lab and growth marketing firm in Portland, is actively looking to partner with entrepreneurs to launch and grow their businesses. Get in touch for a free consultation.
✅ Are you curious how your company will use physical office space now and into the future? Contact Justin Lamontagne, CCIM, SIOR of the Dunham Group for an informal discussion and consult. Justin is one of the leading office and industrial commercial real estate brokers in Southern Maine. For over 15 years, he has helped hundreds of businesses, small and large, with their commercial real estate needs.
Have a product or service and want to reach Maine's startup community? Purchase one or more classified ads for $25 each.
/ Jobs
If you apply for a job you see here, let them know you saw the opportunity in Maine Startups Insider.
+ The Roux Institute Techstars Accelerator is hiring a Business Development & Growth Associate, a Design Associate, and a Senior Program and Operations Associate.
+ HighByte, an industrial software startup, is hiring an Account Executive.
+ The University of Maine is hiring a Technology Business Development Administrator.
+ Circa, a startup developing rent-payment software that recently graduated from the Roux Institute Techstars Accelerator, is hiring a Mobile App Developer, a System Integration Analyst Intern, and a Field Integration Engineer.
+ Pumpspotting, a femtech startup in Kittery, is hiring a product manager.
+ ElleVet Sciences, which sells CBD products for pets, is hiring for several roles.
+ EnergyCircle, a digital marketing and lead-gen agency in Portland, is seeking a Digital Marketing Account Manager.
+ CourseStorm, an Orono-based EdTech startup, is hiring a Software Engineer and a Software Engineering Manager, among other positions.
+ MedRhythms is hiring for several positions, including a VP of Engineering and a Senior Full Stack Engineer.
+ Defendify, a cybersecurity startup in Portland, is hiring a SaaS Software Engineer.
+ Theory and Principle, a legal-tech product design and development startup in Portland, is hiring a Client Executive.
+ VETRO Inc., a SaaS company in Portland, is looking for a Senior Software Engineer, a Director of Platform Engineering, and a Senior Accountant, among other roles.
+ Guideline, the fintech company with offices in California, Texas, and Portland, is hiring for several software engineering positions.
+ AskGMS, a Portland-based company that provides benchmarking and data analysis tools to the insurance industry, is hiring a full-stack developer.
+ Arkatechture, a Portland-based company that provides business intelligence and data analytics services, is hiring for a host of positions.
Seeking a full-stack engineer? A technical co-founder? A sales or biz dev superstar? Send me your job postings to make this a great resource!
/ Calendar
Top Gun 2022 Portland Semifinal Pitch-Off
Wed., May 11, 5-6 p.m. — The Roux Institute
The Maine Center for Entrepreneurs hosts a semifinal pitch contest to determine which two companies from the 11 that participated in Top Gun's Portland cohort will move on to compete in the Top Gun Showcase Event and compete to win a $25,000 cash prize. For more info and to register.
Top Gun 2022 Lewiston/Auburn Semifinal Pitch-Off
Thurs., May 12, 7:10-9 a.m. — Online
The LA Metro Chamber of Commerce hosts a semifinal pitch contest to determine which two companies from the five that participated in Top Gun's Lewiston/Auburn cohort will move on to compete in the Top Gun Showcase Event and compete to win a $25,000 cash prize. For more info and to register.
Top Gun Showcase Event
Thurs., May 26, 5-8 p.m. — Hannaford Hall at USM
The Maine Center for Entrepreneurs hosts its Top Gun Showcase Event where five Maine-based entrepreneurs will present their companies to a panel of experts and compete for a $25,000 cash prize sponsored by
the Maine Technology Institute. For more info and to register.
Symposium on Risks and Opportunities of AI in Clinical Drug Development
Mon., June 6, 8:30 a.m.-5 p.m. — Ocean Gateway in Portland
The Roux Institute at Northeastern University is hosting a symposium that will convene scientists, regulators and other professionals to address the challenges and opportunities of AI in pharmaceutical medicine; to foster collaboration among industry, academia, regulatory agencies, and professional associations; and to propose recommendations with policy implications for proper implementation of AI in promoting public health. More info or to register.
Please send me your event or calendar item for possible inclusion.