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Angel Investor (Group)
maineangels.org

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Investments

92

Portfolio Exits

9

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).

Maine Angels Headquarter Location

Maine,

United States

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Latest Maine Angels News

A roadmap for a more inclusive entrepreneurial ecosystem

Oct 26, 2021

A roadmap for a more inclusive entrepreneurial ecosystem by Gloriose and Leonard, owners of Glory Store LLC, offer an example of entrepreneurs who are succeeding with help from the entire Maine ecosystem. (Photo courtesy/Greater Portland Immigrant Welcome Center) [Editor’s Note: This is the third of three columns about immigrant entrepreneurship in Maine. You can read the first and second columns here and here . They were written by Kerem Durdag, president and COO of GWI Inc. and founder of the Indus Fund , a community supported micro loan program for the immigrant community in Maine.] In my first two columns, which you can read here and here, I discussed why we should be intentional about creating a more diverse entrepreneurial ecosystem in Maine. In my final column, I share some concrete steps I believe will help take us there. We have to create a roadmap because I believe it is a fundamental issue of inclusion and equality. It is not easy. It is not immediate. But it’s possible. Look at what we have done as a state over the last 20 years to intentionally grow our entrepreneurial ecosystem. The Maine Technology Institute and Maine Venture Fund were both created and have dispersed hundreds of millions of dollars into the business community, organizations like the Maine Angels, Maine Center for Entrepreneurs and Startup Maine have been created and support entrepreneurs in various ways. So why can’t we get to the next level when it comes to reflecting the world as it needs to be? The roadmap needs to be holistic (schools, university, mentors, board representation, hiring, financing, etc.) and realistic (we have the ingredients, we really do); we need to progress methodically, think boldly and be intentional in addressing the challenge. The costs of not doing so will be crippling. There are already success stories we can learn from: See how Dr. Nirav Shah and the Department of Health and Human Services worked with 30+ nonprofits to coordinate communications and actions with the immigrant community . Look it up . They got on a call on a regular basis and executed upon a plan. Communications are simple and in multiple languages. Messaging was clear with understanding and inclusion. With intention and focus. Why can’t others? The Maine Community Foundation has diversity and inclusion as one of its pillars of focus and provides support and grant funding to encourage and inculcate diversity. Why can’t others? There are a lot of forward-leaning activities and conversations by the good folks at Maine Accelerates Growth coordinating with the Department of Economy and Community Development . Are other agencies doing the same? Are other economic development entities which populate the entire state engaged in such? They should be. Elevating Voices by Greenlight Maine was a show about immigrant entrepreneurs shown on television; why can’t these stories be on the nightly local news? Portland Press Herald does stories about immigrants and shows immigrants as part and parcel of everyday stories, events, happenings, life, et. al. Why can’t other publications? Listen to my dear friend Tae Chong, talking to my other good friend Rick Brooks about immigrant businesses and workforce development . If this kind of conversation can happen, why can’t more occur in companies, board rooms, retreats, strategic planning sessions, economic development conferences here in Maine? There are three guiding principles to take advantage of: Lean in and take advantage of current structures by deploying specific solutions Lean in, listen to those doing the work and demand evolution of the current ecosystem Lean in, access networks and mobilize intentional involvement I would also break the solution path into three distinct categories: institutions, people and generation building. And the good news is that the guiding principles are valid. For institutions, entities that hold power, influence and leverage in the economic development levers of Maine, I suggest: There has to be immigrant representation on the board level at organizations like MTI, MVF, FAME and CEI Ventures. These institutions collaborate, cooperate and leverage each other’s talents and expertise and in inclusion lies the genesis of catalytic impact. MTI should intentionally reach out on a monthly/quarterly basis to geographic locations where immigrant communities are present and announce itself. Put out a table with staff at immigrant convening locations and participate in the conversation. Inform the community that you exist. Listen, learn, lean in. Be aware of racial diversity and equity. As one of the largest levers of startup economic development in the state, MTI has no relevant identity in the immigrant community. Having dispersed $350M+ over the last 20 years to white entrepreneurs it is time to evolve. MTI is one of the crown jewels of economic development in the state of Maine and so it carries the obligation of leaning in and being inclusive to the immigrant community. If the University of Maine Law School can adopt DEI efforts, so can MTI. It has to. The Maine Center for Entrepreneurs should specifically target current immigrant business sectors and include them in current programs; and create programs to leverage their expertise. Reach out to the immigrant community and listen to their needs. Ask for their feedback on why they are not involved with MCE currently and correct the current situation. If the above institutions desire to see immigrants with better English skills, they should support the Greater Portland Immigrant Welcome Center that has a digital language lab. If the above institutions desire to partner up with organizations that work with immigrants for financial education and career development, linking up for collaboration and empowerment, then they should reach out to Prosperity Maine and Maine Immigrant Rights Coalition today. Not tomorrow. Today. If the above institutions desire to see immigrants have their credentials be validated, if the above institutions want to have immigrants apply for jobs with English language skills commensurate with the expectation of the professional jobs, and if the institutions want to leverage the workforce that is seeking to be involved within the fabric of Maine society, support legislation that is keenly focused on redressing these needs. Don’t be on the back-foot; lean in if you think this matters. And don’t pay lip service. The Roux Institute should create programs that reach out to the entire ecosystem and make sure immigrants are included. If they are not, evolve the program and its objectives. With the exposure to the Boston and global entrepreneurship ecosystem, it would be a tragedy if the immigrant community was not included. For people, who bring to bear our greatest asset (us! ), I suggest: Our mentor pool needs to continue to embrace diversity and inclusion. I hold SCORE as an example of what is possible across the entire state; SCORE has made itself available to the Indus Fund (which offers below market interest rate micro-loans to immigrant businesses). New Ventures Maine offers free classes and workshops on topics from starting a business to money management; why can’t other organizations do the same? CEI has a program ( StartSmart ) that provides mentorship and assistance to the immigrant businesses; we need to have more quasi private-public entities using this same template, en masse. The Sun Journal and Portland Press Herald run news about immigrants and stories that include immigrants; why can’t the local community newspapers do the same? For generation building, entities that are road-mapping and affecting the next generation of Maine doers, I suggest: FocusMaine has a leadership position in the economic development conversation of Maine; make yourself available to immigrant college students by advertising the opportunities available that are bringing forth (if you don’t know how to do this, seek assistance). Have members from the immigrant community be part of your organization. Inculcate, include, encourage. UMO Foster Entrepreneurship Center  should reach out to the high schools that have an immigrant student population and get them to apply and be part of the program (have you done this and evaluated the results?). Come to the Portland Schools. Come to the Lewiston schools. Talk about why you want the immigrant students to go to the University of Maine in Orono and help build the future (you had all those ads and all those publications; how many are intentionally focused on the immigrant community of learners in high school). Make yourself welcome and open. If we are to close the economic divide, be inclusive and diverse, our graduating high school seniors are one of the elemental keys to Maine’s future relevance and survival. If you are chamber of commerce ( this , this , this , and others ) and i f you are involved in leading workforce development that is inclusive of the contributions of the immigrant professionals, then create programs that educate the business ecosystem on solutions and options available to them because of the immigrant acumen that already exists here in Maine; partner up with organizations to impact and implement public policy initiatives that are inclusive of the immigrant expertise and also give voice to immigrant businesses that are in your geographic areas. If you think that immigrants are only in Southern Maine, think again . Involve. Amplify. Effect. Throughout this column, I have referred to the immigrant community. As a recalibration of vocabulary, I invite you to talk with this community as New Mainers as my friend Reza Jelali has educated us. The truth of the matter is that, with the exception of our Native American brothers and sisters, we are all immigrants. The bottom line is that the above activities require intention (note, it is not just money). It is long-term planning and rising up to expectations. All these require a desire to include. They require a focus to not be at the behest of the status quo and plead that it is not possible. I submit that there is power in the acumen and promise that this state carries in its ribcage; include the New Mainer community in the dreams and aspirations of the state of Maine in Startup 2.0. Involve the New Mainer community so the state’s heart can beat.

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

3

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 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 Venture Fund, and Undisclosed Angel Investors

Sources

3

3

1

10

10

Maine Angels Portfolio Exits

9 Portfolio Exits

Maine Angels has 9 portfolio exits. Their latest portfolio exit was Cognition Therapeutics on October 08, 2021.

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

10/8/2021

IPO

3

10/30/2020

IPO

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$99M

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10

8/21/2019

Acquired

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$99M

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10

4/29/2019

Acquired

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10

4/5/2019

Acquired

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10

Date

10/8/2021

10/30/2020

8/21/2019

4/29/2019

4/5/2019

Exit

IPO

IPO

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

3

10

10

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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