Maine angel investors launch $2.4M fund for high-growth startups
Two groups of Maine-based angel investors on Wednesday unveiled a $2.4 million fund to invest in more than a dozen high-growth emerging companies, including women-led enterprises.
Portland-based Maine Angels and the Bangor Angel Funds teamed up to launch the Dirigo Angel Fund I, which closed June 29 with investments from 46 individuals, including 21 women, and seven Maine-based banks.
The participating financial institutions are Bangor Savings Bank, Bar Harbor Bank & Trust, Camden National Bank, First National Bank, Katahdin Trust Co., Machias Savings Bank and Saco & Biddeford Savings Institution.
"This encouraging subscription volume indicates many are bullish on entrepreneurs, innovation and the growing economy," Maine Angels said in a news release.
It added that while the fund is now closed to new investors, new Maine Angels memberships are welcome.
Maine Angels is a membership-based organization of accredited private equity investors who pool their individual investments in promising New England entrepreneurs with an emphasis on Maine businesses. Members help entrepreneurs by investing in and mentoring early-stage companies.
Maine Angels has invested over $28 million in over 80 ventures since it was founded in 2003.
Taking its cue from Maine's Latin motto “Dirigo” (translating to “I lead”), Maine Angels said the name of its new fund is meant to reflect its statewide focus.
The fund's plan is to invest in 12-15 companies, with a target that half of them are based in Maine, and that at least a quarter are owned, founded or led by women.
An advisory board made up of five Maine Angels members from across the state will screen potential investors and invite applicants to go through the Maine Angels funding request process.
More information about the Maine Angels investment criteria and process overview is available here. Online funding application forms are available here.
Maine Angels noted that it may be one to two years until the Dirigo Fund I is fully vested and it considers following up with a Fund II.
Most Recent
Most Recent
0 Comments