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Angel Investor (Group)
maineangels.org

Investments

92

Portfolio Exits

10

Funds

1

About Maine Angels

Maine Angels was founded in 2003. Maine Angels collective investments in companies typically range from $50,000 to $250,000 in most deals. In addition to providing financial capital, where appropriate Maine Angels members also provide intellectual capital to portfolio companies and the entrepreneurs who run them. Investments in companies based in Maine typically are eligible for Maine's Seed Capital Tax Credit Program administered by the Financial Authority of Maine (FAME).

Headquarters Location

Maine,

United States

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Latest Maine Angels News

Maine Angels invests $4M in 16 companies in 2021

Mar 25, 2022

by Maine Angels logo The Maine Angels , a group of accredited investors who pool their resources to invest in and mentor early-stage companies, invested $4 million in 16 companies in 2021. Of the capital deployed, $1.8 million went to five companies new to Maine Angels’ portfolio, while $2.2 million was invested in 11 companies members had already invested in, according to Ralph Nodine, Maine Angels’ chairperson. The $4 million its members invested is up slightly from the $3.3 million its members deployed in 2020. “2020 was a particularly good year so we feel good about maintaining our activity and membership,” Nodine told Maine Startups Insider. Here are the five new companies joining the Maine Angels’ portfolio: Highbyte , a Portland-based industrial software company. It raised $3.5 million late last year . (Editor’s note: an initial investment by four members in the form of convertible notes took place in December 2020, which is why MSI included it in last year’s list of Maine Angels’ 2020 investments. Those notes were exchanged for equity in November 2021, which is why it shows up in the 2021 list.) Kikori , a Durham, N.H.-based EdTech startup that’s developed a mobile app and community-driven platform that delivers team-building and social-emotional learning activities. It raised a $130,000 debt-financing round in December 2021, according to Crunchbase . GO Lab , a Belfast, Maine-based company that manufactures renewable, biodegradable, non-toxic wood fiber insulation for the residential and light commercial construction market. It raised a $3.2 million round in March 2021, according to its Form D . StageConnect , a Nashua, N.H.-based startup building software that allows remote audiences to interact with hybrid and virtual events. It raised a $790,000 debt-financing round in June 2021, according to Crunchbase . Overall, the Maine Angels have invested a total of $35.1 million in early-stage companies since it was founded in 2003. Its portfolio currently consists of 59 companies, 58% of which are based in Maine. The 59 companies are spread across the following sectors: A competitive field If you’re a founder interested in pitching Maine Angels, it’s good to know how competitive a process it is. Last year, the Maine Angels screened 85 deals, heard pitches from 18 founders, conducted due diligence on 15 of them and its members ended up investing in only five—that’s an acceptance rate of 5.9%. The Maine Angels is not a fund that invests as a single entity. Instead, each member makes their own personal investment decision. The group, however, works together on due diligence and deal flow. (Dirigo Fund I is different; more on that below.) Membership stays flat In 2020, the Maine Angels’ membership grew to 86 individuals, a 40% year-over-year increase, as a shift to remote meetings opened up an opportunity to join for angel investors who previously weren’t interested in driving to Portland for every meeting. In 2021, the group added 11 members, all of whom have already invested in at least one deal. However, the group lost members, too, for a current total of 84 members. Raising Dirigo Fund II In 2020, the Maine Angels raised $2.4 million to create the Dirigo Angel Fund I , a pooled investment fund that supplements the individual investments made by its members. In that first year, the sidecar fund invested in five companies for a total of $830,000. In 2021, the fund invested in five companies for a total of $840,000, which is included in the $4 million total for the year. The five companies the fund invested in are VETRO FiberMap, Mobile Price Card, GO Lab, Top the organic project, and Xeno Biosciences. The Maine Angels is now actively raising a Dirigo Angel Fund II, according to Nodine. The first fund only has about 15% of its capital remaining, which is enough for another two investments and Nodine said the expectation is those investments will be made in next couple months. “Speaking as a member, we hope to overlap the two funds so we don’t have a period where it’s not meeting the needs of our companies,” he said. Nodine said the group is looking to raise $3 million to $4 million from Maine banks and individual investors for Dirigo Angel Fund II. If you value this source of original Maine startup news, please consider supporting Maine Startups Insider with a monthly pledge on Patreon. Share this:

Maine Angels Investments

92 Investments

Maine Angels has made 92 investments. Their latest investment was in pumpspotting as part of their Seed VC - II on August 8, 2021.

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Maine Angels Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/12/2021

Seed VC - II

pumpspotting

$1.15M

No

5

8/10/2021

Seed VC - II

TOP (The Organic Project)

$2M

Yes

3

8/6/2021

Series A

American Unagi

$4.4M

Yes

Coastal Enterprises, Maine Angels, Maine Venture Fund, and Undisclosed Angel Investors

1

4/13/2020

Seed VC

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$99M

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10

6/14/2019

Angel

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10

Date

8/12/2021

8/10/2021

8/6/2021

4/13/2020

6/14/2019

Round

Seed VC - II

Seed VC - II

Series A

Seed VC

Angel

Company

pumpspotting

TOP (The Organic Project)

American Unagi

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Amount

$1.15M

$2M

$4.4M

$99M

New?

No

Yes

Yes

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Co-Investors

Coastal Enterprises, Maine Angels, Maine Venture Fund, and Undisclosed Angel Investors

Sources

5

3

1

10

10

Maine Angels Portfolio Exits

10 Portfolio Exits

Maine Angels has 10 portfolio exits. Their latest portfolio exit was Respiratory Motion on June 01, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/1/2022

Acquired

$99M

3

10/8/2021

IPO

$99M

Public

4

10/30/2020

IPO

$99M

Public

2

8/21/2019

Acquired

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$99M

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10

4/29/2019

Acquired

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$99M

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10

Date

6/1/2022

10/8/2021

10/30/2020

8/21/2019

4/29/2019

Exit

Acquired

IPO

IPO

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Public

Public

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Sources

3

4

2

10

10

Maine Angels Fund History

1 Fund History

Maine Angels has 1 fund, including Dirigo Angel Fund I.

Closing Date

Fund

Fund Type

Status

Amount

Sources

6/29/2020

Dirigo Angel Fund I

$2.4M

2

Closing Date

6/29/2020

Fund

Dirigo Angel Fund I

Fund Type

Status

Amount

$2.4M

Sources

2

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