PORTLAND — The leadership teams of the Portland-based Maine Angels and the Bangor Angel Funds announce a new pooled angel investment fund, Dirigo Angel Fund I, LLC. The fund was conceived as the successor of Bangor Angel Funds I, II & III, and created to make angel stage investments in high-growth emerging companies. The goal of the fund is to stimulate entrepreneurial startups and economic development throughout the state of Maine while providing accredited investors an attractive return, a hands on learning opportunity for members new to angel investing plus exposure to available seed stage investment opportunities.
The Dirigo Angel Fund I closed on June 29 at a value of $2,430,000 with investment from 46 individuals (including 21 women) and seven Maine-based banks in support of their local community funding requirement: Bangor Savings Bank, Bar Harbor Bank & Trust, Camden National Bank, First National Bank, Katahdin Trust Company, Machias Savings Bank, and Saco & Biddeford Savings Institution. This encouraging subscription volume indicates many are bullish on entrepreneurs, innovation and the growing economy. The Fund is now closed to new investors, however new Maine Angels’ memberships are welcome.
The state of Maine’s Latin motto “Dirigo” (translating to “I direct” or “I lead”) was intentionally incorporated in naming the fund to communicate the statewide focus for the deal pipeline of this new and robust source of capital. The fund seeks to invest in 12-18 companies over the next 2-3 years with a target of :
● at least 50% based in Maine
● at least 25% owned, founded, or led by women or minorities
The Dirigo Angel Fund Investment Advisory Board will act as the screening committee for the Fund investors, and is composed of five Maine Angels members from across Maine. They invite companies seeking to be considered for investment to go through the Maine Angels funding request process. Visit the webpage maineangels.org/entrepreneur-funding for the Maine Angels investment criteria and process overview.
Companies interested in Dirigo funding should:
• Apply to the Maine Angels’ online funding portal using the button found on the webpage.
• Successfully progress through the Selection – Pitch – Diligence Maine Angels funding request process, with a subsequent investment by individual Maine Angels investors, to be considered by the Dirigo Angel Fund Advisory Board for possible investment.
For more information on the Dirigo Fund, contact [email protected]
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 our founding in 2003. We are a member of the national ACA (Angel Capital Association), and the New England regional ACA group of over 22 other angel groups. Of our 70 members, 33% are women. Accredited prospective members are always welcome to learn more about the opportunity to become an angel investor and may attend a monthly pitch meeting as a member’s guest, (particularly as it may be 1-3 years until the Dirigo Angel Fund I is fully vested and consideration given to a Fund II.)
For more information: [email protected]
