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June 5, 2018

New venture fund to invest in western and central Maine

Courtesy / Opus Ventures
Courtesy / Opus Ventures
Jacques Santucci, managing director of Opus Ventures and president of Opus Consulting Group, announced a new venture fund to invest in western and central Maine that has been launched by Opus and Skowhegan Savings Bank. Opus Ventures and Skowhegan Savings Bank have a history of shared interest in helping local entrepreneurs to grow and prosper in Maine.

About Opus Ventures

Opus Ventures is a Portland-based venture capital firm founded by seasoned business leaders with long term entrepreneurial experience. By partnering with Opus Consulting Group, it provides continuous management and transparency to instill confidence in its investments. It focuses on making investments in alternative health care, high technology, manufacturing, environmental, biotechnology, financial services and emerging industries.

About Skowhegan Savings Bank Foundation

Skowhegan Savings Foundation strives to strengthen and enhance the communities in which the bank resides to make them a better place for its customers to live and work. The bank's charitable giving program makes donations to both large and small local nonprofit and charity organizations with a focus on financial literacy, economic and community development, including programs that promote job creation, business retention, business growth, and community enhancement.

Opus Ventures, a Portland-based private capital and investment firm, and the Skowhegan Savings Charitable Foundation have created the Western Maine Venture Fund to support early-stage companies in central and western Maine.

Qualified under the Finance Authority of Maine's Seed Capital Tax Credit Program, the fund will be managed by Opus Ventures. Opus Ventures is developing a $10 million pool of capital for general investments primarily in Maine and $10 million in targeted funds, like the Western Maine Venture Fund.

Investors in both programs may be eligible for benefits from FAME's Maine Seed Capital Tax Credit Program, according to a news release announcing the new venture fund.

"We are pleased to work with Opus Ventures and proud to be able to put the bank's foundation capital to work in our communities in this first-of-its-kind venture fund aimed at developing the economic potential of western and central Maine," said John Witherspoon, president and CEO of Skowhegan Savings Bank and president of the Skowhegan Savings Charitable Foundation.

Jacques Santucci, managing director of Opus Ventures and president of Opus Consulting Group, said the partnership with the Skowhegan Savings Charitable Foundation is a "great opportunity" to "bring venture investing to Maine in a targeted way."

"We are proud to join the bank's tradition of ambitious vision for the future of local entrepreneurs paired with genuine interest in seeing Maine's economy prosper," he said.

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