Fund raising rings in the new year
Redfern Longfellow LLC kept the momentum of last year's high fund-raises going by pulling in all of a $4.3 million equity offering, the first of 2016.
The Portland-based residential real estate company started selling the equity on Dec. 22, according to a Securities and Exchange Commission document.
Redfern has proposed to build a $20 million, 132-unit apartment building on Congress Street near Longfellow Square in Portland. The company last March sought a zoning change from the city of Portland and, on Dec. 17, an order accepting easement rights for sewers and drainage went into effect.
Executive officers Jonathan and Catherine Culley were listed on the offering.
Rounding out 2015, Academic Merit LLC sold $1,244,000 of an indefinite equity offering in an SEC filing dated Dec. 30. The fund-raise began Dec. 21.
The Falmouth-based company also raised $200,000 of a $300,000 equity offering last summer, with the first date of sale on June 29.
CEO Steven Shapiro told Mainebiz at the time that Academic Merit as a cloud-based platform that informs writing and critical thinking for K-12 teachers and students.
“It helps train the teachers around writing and reading. It can assess students so they can teach students in the classroom who are on different levels,” Shapiro said. Part of the product, comprised of modules, is the assessment tool that helps discover the reading and writing skills of students and better help them going forward.
In the summer Shapiro said he wanted to improve the product's functions and expected to start a large project with a new partner. The product is used in Massachusetts, Maine and New Jersey schools, and is slated to expand to Florida in September and later nationwide with the new partner.
Last year saw other large fund raises. The highest new fund-raise was Direct Vet Marketing Inc., a Portland-based veterinary services company doing business as Vets First Choice. In July it raised all of a $52.3 million equity funding. Earlier in the year, in March, it also raised all of a $5,202,000 equity funding. The company has been expanding its network of veterinary partners as well as new services. CEO Benjamin Shaw said the company also wants to pursue strategic business opportunities.
In addition, Spinnaker Income Partners LP of Portland sold all of a $7,025,000 indefinite pooled investment interest offering in November. In October Spinnaker Diversified Managers Fund LLC, another pooled investment fund, sold all of a $20,007,666 indefinite equity raise.
Also in October, commercial bank Camden National Corp. raised all of a $15 million debt offering around the same time it completed its merger with Bank of Maine.
Read more
Investment in Maine companies rises sharply
Fundraising by Maine companies rolls on with distillery, real estate firm
Most Recent
Most Recent
Comments