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Updated: March 27, 2023

Maine Angels raise another $2M for early-stage investments

File photo / Tim Greenway Sandra Stone, chair emerita of the Maine Angels group of investors, was honored as a Mainebiz Woman to Watch in 2013.
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The Maine Angels group of private equity investors has closed the chapter on one fund and raised another $2 million to invest in early-stage startups.

Dirigo Angel Fund I invested $2.4 million in 13 companies, eight of which were based in Maine when the money was raised in 2020. Five of the companies are owned, led, or founded by women, including three based in Maine.

For the Dirigo Angel Fund II, which closed on Aug. 31, Maine Angels raised $2.03 million from 39 individuals (including 19 women) and a cohort of Maine banks. They include Bangor Savings Bank, Katahdin Trust Co., Machias Savings Bank, Saco & Biddeford Savings Institution and Gorham Savings Bank. Eaton Peabody provided the legal support for structuring both funds.

“This encouraging subscription volume indicates many continue to be bullish on entrepreneurs, innovation and the growing Maine economy,” Maine Angels said in a news release.  

“Dirigo Angel Fund I invested in 13 early-stage companies and we expect Dirigo II will invest in about 12 to 15 companies as well,” Sandra Stone, chair emerita of Maine Angels, told Mainebiz. “In doing so, we are able to provide our investors with a diversified basket of investments in start-up companies more cost-effectively and at a much lower minimum investment threshold than going it alone." 

Stone, who was honored as a Mainebiz Woman to Watch in 2013, said the objectives place an emphasis on trying to invest at least 50% of the fund in Maine ventures and 25% in companies that are founded, owned, or led by women or minorities. 

“We were very pleased to have met those objectives with Dirigo I and hope to do the same with Dirigo II,” she said.

While the latest fund is now closed to new investors, Maine Angels welcomes new members to the group.

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Companies seeking to be considered for investments can find out more and apply here.

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