Even though you may not have heard Maine’s name when discussing startup growth, the city is still going through a slow yet consistent startup development. Every month, there are many startups that secure funding and boost their journey towards success. 

Whether it is software or a digital business, there are tons of new ideas booming into the startup ecosystem as the state marches towards the top 20 states in the US to start a startup.

Do you also have a startup that needs funding?

Well, this list of the top 6 angel investors in Maine is definitely meant for you.

So, let’s wait no longer and get started.

Top 6 Angel Investors in Maine

Following is the list of some of the top angel investors and venture capital firms in Maine. Although it is true that Maine doesn’t have a lot of individual investors, there are several VC firms that will help you in the same way.

Enough said, on to angels now.

Don Gooding

LinkedIn: Don Gooding | LinkedIn

Investor Type: Individual Investor

Investment Interests: Tech and RenewableEnergy

Investment Stage: Early

Don Gooding is one of the most active and biggest angel investors in Maine. In the past 8 years, Gooding has funded more than 20 startups and has a strong focus on early-stage startups. Previously, He served as the Executive Director of the Maine Center for Entrepreneurial Development and also hosted the first two seasons of Greenlight Maine, a TV show where entrepreneurs compete for a $100,000 prize.

Moreover, Don Gooding prefers startups that have solid ideas and can compete in the market with the investment. He usually funds startups through fundraisers and investor meetings by participating in different kinds of startup events.

The investment range of Don Gooding ranges from $100,000 to $250,000. Some of his notable portfolio companies are:

Granite Systems: Granite Systems was a developer of multilayer Gigabit Ethernet switching technologies. It was acquired by Cisco Systems in a $220 million deal. 

Pika Energy: Pika Energy developed a direct current (DC) power electronic platform to power the transition from fossil fuel energy sources to clean, smart, renewable energy34. The company was acquired by Generac Holdings and raised a total of $9.6M over 12 rounds.

IW Financial: IW Financial provided environmental, social, and governance (ESG) research, consulting, and portfolio management solutions for asset management firms. The company was acquired by Institutional Shareholder Services and raised a total of $3M in funding.

Dream Local Digital: Dream Local Digital is a digital marketing agency specializing in interactive media, SEO, and social media. The company raised a total of $1.8M in funding over 4 rounds.

Maine Angels

Website: Maine Angels

Investor Type: Investment Firm

Investment Interests: Tech and Healthcare

Investment Stage: Early

Founded in 2003, Maine Angels is a well-known investment firm that funds startups. The network is headquartered in Portland and has funded more than 50 startups since its inception.

Discussing their screening tests, Maine Angels have a very formal way of conducting pitching competitions. Entrepreneurs have to apply through online applications, and only a few startups get selected for presentations. The startups that get selected get emailed and have to appear within 1-2 business days.

Aside from their investment activities, Maine Angels also hosts different mentorship programs to guide their portfolio companies. However, they do not arrange a lot of networking events as their main interest lies in funding startups.

The investment range of Maine Angles ranges from $25,000 to $150,000. Notable investments in their portfolio are: 

AboGen: AboGen is a commercial-stage medical device company that developed a unique technology to collect, preserve, and isolate all components of saliva. The company raised $1.4M in funding.

Abierto Networks: Abierto Networks is a leading provider of Digital Marketing Technology and POS Transaction Processing Solutions, with a primary focus on Convenience Foodservice and Convenience Retail applications. Abierto Networks has raised a total of $296,000 in funding.

AcademicMerit: AcademicMerit is a developer of cloud-based educational software designed to offer professional learning. AcademicMerit has raised a total funding of $2.34M.

American Unagi: American Unagi is an aquaculture company that farms and retails eels.

North Atlantic Capital

Website: Portland, Maine Growth Capital, Structured Debt | North Atlantic Capital

Investor Type: VC Firm

Investment Interests: Tech and Consumer Products

Investment Stage: Seed

North Atlantic Capital is a VC firm that was founded in 1986 and has funded more than 80 startups. With founders like David Coit, there is no doubt that North Atlantic Capital funds startups and also provides them with exceptional mentorship programs.

When funding startups, North Atlantic Ventures follows a very balanced approach. They conduct screening tests and only select those startups that have decent growth potential and unique ideas. The investors strongly focus on startups that provide real-time solutions.

The investment range of North Atlantic Capital ranges from $2 Million to $10 Million. Some companies in their portfolio are:

InMarket: InMarket offers a self-service location-based platform that captures accurate consumer location data, which drives campaign performance. They have raised a total of $12.5M in funding.

LendKey: LendKey Technologies develops a cloud-based platform that connects lenders with borrowers and facilitates online lending of loans. LendKey has raised a total of $44.7M in funding over 9 rounds.

Nonstop: Nonstop Agency is a digital marketing and media company. They have raised a total of $1.8M in funding.

Blackstone Accelerates Growth

Website: Growth - Blackstone

Investor Type: Investment Network

Investment Interests: Tech, Food, and Supply Chain.

Investment Stage: Seed

Founded in 2012, Blackstone Accelerates Growth is a growth equity business that that is headquartered in Brunswick. Funding around 10 startups, Blackstone Accelerates Growth invests in startups that have the potential to grow and can generate massive ROI.

Although they may not have a lot of companies in their portfolio, Blackstone Accelerates Growth likes to go big when they fund startups. They usually invest in startups that are getting wide recognition and can at least generate 6x ROI within 2 years of investment.

The investment range of Blackstone Accelerates Growth can range upto $5M, depending upon the startup. Some famous names in their portfolio are:

Bumble: Bumble is an online dating and networking application. Bumble is unique in that in heterosexual matches, only female users can make the first contact with matched male users. The company reported having over 55 million users in 150 countries as of 2019.

Oatly: Oatly Group AB is a food company that produces alternatives to dairy products from oats, including oat milk. Oatly has raised a total of over $500M in funding over 5 rounds.

ISN: ISN is the global leader in contractor and supplier information management. ISN’s contractor management software, ISNetworld, helps Hiring Clients manage the qualification and ongoing monitoring process.

Epidemic Sound: Epidemic Sound is a global music tech company with offices in New York, Los Angeles, Amsterdam, Seoul, and headquarters in Stockholm. Epidemic Sound has raised a total of over $476M in funding over 6 rounds.

Karen Mills

Investor Type: Individual Investor

Investment Interests: Tech

Investment Stage: Early

A former American businessperson and a government official, Karen Mills, also takes an interest in funding startups.  During the 1980s and 1990s, Mills invested in and managed several small manufacturing firms throughout the country, including producers of hardwood flooring, refrigerator motors, and plastic injection molding. 

Similarly, when funding startups, Karen Mills also takes a similar approach and invests in ventures that are expected to have decent growth. Once funded, Karen Mills also guides her portfolio companies through different startup stages. 

The investment range of Karen Mills can range upto $100,000. Some of her previous investments include:

Numerated: Numerated is a fast-growing fintech company that makes business banking easy for financial institutions and their clients1. Banks and credit unions use Numerated’s digital lending platform to meet business expectations for digital convenience.

Gusto: Gusto, Inc. is a company that provides cloud-based payroll, benefits, and human resource management software. Gusto handles payments to employees and contractors and also handles electronically the paperwork necessary to help client companies comply with tax, labor, and immigration laws.

Black Point Group

Website: Black Point Group

Investor Type: Investment Group

Investment Interests: Software, Travel Management, and Digital Marketing

Investment Stage: Early and Seed

Headquartered in Portland, Black Point Group is also an investment network that funds Maine-based startups. The network was founded in 2007 and has funded around 15 startups.

Although they might look like an inactive angel group, Black Angel Group only invests in startups that they believe in. Once they have funded a startup, the mentors ensure it can reach success and come across all the challenges.

The investment range of Black Point Group ranges from $100,00 to $500,000. Some of their portfolio companies are:

Ovation: Ovation is an independently owned travel management company with experienced travel consultant teams in more than 90 locations.

PebblePost: PebblePost is the world’s leading Digital Direct Mail marketing platform.

MyTaskit: MyTaskit provides a comprehensive software platform intended to be used for corporate task sharing and coordination.

Wrap-Up

With so many options, you may get confused and think, which firm or investor is to pitch first? 

Generally, filter out all the investors that match your requirements and then pitch to different investors. If you’re going to your first investor meeting, it is better to aim for investors or firms that do not have a huge portfolio and are newly founded. 

Frequently Asked Questions