Maine Venture Fund, the state’s quasi-governmental venture capital fund, announced this week that it has chosen its internal candidate, Joe Powers, to be its next managing director.
The decision comes after a nationwide search spurred by John Burns’ decision to “semi-retire” after 20 years at the organization’s helm.
Powers is currently a principal at MVF, having joined in 2019, where he oversees deal structuring and manages relationships with multiple portfolio companies. He previously founded his own startup, Ripso, a digital marketplace for sustainable clothing production and consumption, and worked at a number of tech companies, including Tesla, Zoox and Clean Marine Energy.
“I’m deeply appreciative of John’s mentorship and the collaboration from MVF partners over the past two years,” said Powers. “I’m motivated by future opportunities across the state and regionally and am focused on building on MVF’s strong foundation to broaden our impact, especially within underserved communities.”
Under Burns’ leadership as founding managing director, the fund found its footing as a venture capital firm, supported over 80 Maine companies, and helped create thousands of jobs across the state. (Read an extensive Q&A with Burns that covers the history of the fund.)
“I am excited about supporting Joe,” said Burns. “He is the right leader to take MVF to the next level with even greater impact on economic development in Maine by supporting our state’s dynamic growth companies.”
Powers was raised in rural Vermont and is an alumnus of Middlebury College and the Tuck School of Business at Dartmouth. In his spare time, he mentors entrepreneurs at SCORE Maine and the Maine Center for Entrepreneurs.
