Venture capital in Vermont
6 venture firms are based in Vermont, from SEC filings and the fund index. Below them are Vermont’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices.
On this page: 6 venture firms 7 other sources of capital 4 LPs.
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Venture firms based in Vermont
6 advisers that report a venture fund on Form ADV, largest estimated venture assets first, from the Venture Adviser Directory. Each one’s page has its funds and, where an LP reports holding them, its LPs.
| # | Adviser | Location | Venture funds | Private fund assets | Registered |
|---|---|---|---|---|---|
| 1 | Gaingels Ventures LLC | Burlington | 734 | $267M | 2022 |
| 2 | Manchester Capital Management LLC | Manchester | 7 | $515M | 1993 |
| 3 | Gaingels Management LLC Emerging | Burlington | 201 | $118M | 2022 |
| 4 | Tres Palmas Ventures EmergingTres Palmas Ventures LLC | Burlington | 5 | $94M | 2025 |
| 5 | Addisonmanagement, Inc. Emerging | Shelburne | 4 | $44M | 2023 |
| 6 | Gaingels 10x Capital Diversity Management LLC Emerging | Burlington | 1 | $36M | 2022 |
Other sources of capital in Vermont
4 community development lenders, 2 SBA lenders, and 1 revenue-based financing. From public registers and what each organization publishes; see Capital Sources for every state.
| Source | Location | On the record |
|---|---|---|
| Flexible Capital Fund | Montpelier | Offers subordinated debt and revenue-based financing to growing New England companies in sustainable agriculture, food systems, forest products and clean technology. |
| Community Capital of Vermont, Inc. | Barre | Community development loan fund in Barre, VT, certified by the US Treasury’s CDFI Fund. |
| Rutland West Neighborhood Housing Services, Inc. | Rutland | Community development loan fund in Rutland, VT, certified by the US Treasury’s CDFI Fund. |
| Vermont Community Loan Fund, Inc. | Montpelier | Community development loan fund in Montpelier, VT, certified by the US Treasury’s CDFI Fund. |
| VSJF Flexible Capital Fund L3C | Montpelier | Community development loan fund in Montpelier, VT, certified by the US Treasury’s CDFI Fund. |
| Ledyard National Bank | Norwich | 7(a) loans approved, fiscal year 2026: $4.6M |
| Northfield Savings Bank | Northfield | 7(a) loans approved, fiscal year 2026: $4.1M |
LPs based in Vermont
Foundations, pension plans, and other LPs here that report the venture funds they hold, by the number they hold. Local LPs often back local managers.
| # | LP | Location | Venture funds | In venture funds | Total assets |
|---|---|---|---|---|---|
| 1 | The Morris & Bessie Altman Foundation | Shelburne | 2 | $2.1M | $13M |
| 2 | Hall Art Foundation Inc | Reading | 1 | $396K | $58M |
| 3 | Generation Fund Inc | Burlington | 0 | $4.2M | $40M |
| 4 | Serena Foundation Inc | Burlington | 0 | $4.2M | $49M |
About the data
An adviser’s state is where its Form ADV says its main office is. A fund-index firm is placed by the headquarters city the index lists, or by its Form ADV when the city doesn’t tell. Capital sources, LPs, and family offices are placed by the address their own register gives. Angel investors who list themselves are at hottub.vc/investors. Organizations only: no individuals are listed here, and a listing is a public record, not a recommendation. See the methodology.