The eCoast Technology Roundtable, an initiative of the Greater Portsmouth Chamber of Commerce, released an analysis of shared data summarizing venture capital activity throughout northern New England for the fourth quarter of 2004.
Portsmouth, NH (PRWEB) February 10, 2005 -- The eCoast Technology Roundtable, an initiative of the Greater Portsmouth Chamber of Commerce, released an analysis of shared data summarizing venture capital activity throughout northern New England for the fourth quarter of 2004. George McQuilken, chair of the roundtable, noted, This report confirms a continued upswing in entrepreneurial and creative activity in the region north of Boston and a corresponding need for risk capital. We expect this trend to continue and are actively working to build the regions capacity to sustain growth."
Dick Ingram, President of the Greater Portsmouth Chamber, added, The chamber, through its support of the activities of the eCoast Technology Roundtable, is committed to supporting entrepreneurial activity throughout the region. We see significant opportunities that will continue to develop as Portsmouth, and the Seacoast region, is recognized as a center for financial resources throughout the three-state Seacoast region."
Regionally, venture capital firms invested $45 million in eight companies in the fourth quarter, investing in two Maine Companies, five New Hampshire companies, and one Vermont company. The two largest investments were $15 million to Vette Corp. of Manchester, NH, a developer of solutions for thermal challenges in the product life cycle, and $14 milion to BlueTarp, Inc. of Portland, Maine, a provider of information and financial services for the building industry. Two software companies were funded: Pragmatech Software, Inc., of Nashua, NH, and Magenta Medical Corp. of Hanover, NH. The one Biotech Company funded was Chemogen, Inc., of South Portland, Maine (Editor –the list of all eight companies may be found in the attached spreadsheet labeled ME NH VT Companies")
For the full year 2004, VCs invested a total of $176 million in 30 regional companies, compared to the $167 million invested in 39 companies in 2003. At the peak of the boom, in 2000, VCs invested almost $900 million in 75 companies. (Editor –details for 5 years are in the attached spreadsheet ME NH VT Investing").
Mirroring national trends, most of the VC dollars this quarter represent larger investments in later stage deals. No start-ups were funded and only three early-stage companies. Seed and early-stage investing here is increasing, but not as fast as the demand," said McQuilken. Fortunately, we have six Angel Investment Groups in the region, and a number of investment-minded individuals; together, they help plug the capital gap."
All data provided by The MoneyTree Survey from PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association. The eCoast Technology Roundtable and the Greater Portsmouth Chamber will make this data available on a quarterly basis. The full report is available at www.ecoast.org.
The Greater Portsmouth Chamber of Commerce represents the business, tourism, and employer community in the greater Seacoast region of New Hampshire, Maine and Massachusetts. Tirelessly working on behalf of its members and the community at large, it advocates, represents, and promotes sustainable regional growth. Bringing together all community stakeholders, the Chamber seeks solutions to regional quality of life issues in the Seacoast region. www.portsmouthchamber.org.
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