About Dirigo Angel Funds
Dirigo Angel Funds I & II provide a new and robust source of capital for seed stage companies and focus primarily on Maine-based start-ups.
In late 2022, Dirigo Angel Fund I made its final investment of its 2020 raise of $2,400,000. The fund invested in a total of 13 companies of which 8 are Maine based. 5 companies are owned, led or founded by women including 3 based in Maine .
Maine Angels closed its second pooled angel investment fund Dirigo Angel Fund II on August 31, 2022 at a value of $2,030,000 with investment from 39 individuals (including 19 women) and 5 Maine based banks. The fund is now seeking to invest in companies that have completed the Maine Angels due diligence process and attracted investment from individual Maine Angels investors.
The Dirigo Angel Funds were conceived as the successors of Bangor Angel Funds I, II & III and created to make angel stage investments in high-growth emerging companies. The goal of the funds is to stimulate entrepreneurship and economic development throughout the state of Maine while providing a return, education and exposure to available seed stage investment opportunities for the investors. The fund offers a newer investor a hands-on education with a low threshold initial investment of $10,000 per unit for a basket of angel investments, dampening risk exposure through diversification.
In addition to financial support, members of the fund will be available as mentors to portfolio companies. The members of the fund are a diverse group of successful business and civic leaders with many years of business and leadership experience.
The fund seeks to invest in 12-15 companies over the next 2-3 years of which:
Target goals of at least 50% are based in Maine
Target goals of at least 25% are owned, founded, or led by women or minorities
Mount Katahdin
For Entrepreneurs
Companies desiring investment by Dirigo Angel Fund II should:
Apply to Maine Angels:
Be selected to pitch to Maine Angels at the monthly pitch meeting
Generate sufficient interest for the formation of a diligence cohort of Maine Angels members, which results in a favorable diligence report and recommendation to invest
Attract investment by individual Maine Angels member investors
Be considered by the Dirigo Angel Fund II Advisory Investment Board for recommendation to the Dirigo Fund investors for possible investment.
If invited to pitch to Dirigo Investors:
Maine Angels deal lead would introduce the Presenter and their team
Presenter would pitch ~ 30 min, and have 15-30 min Q&A as needed
Presenter and their team would be excused from the session
Investors and deal lead would debrief for consensus of those present
Fund Manager would advise ALL voting individuals and the 7 non-voting bank investors by email of the recommended investment and dollar amount.
Voting would remain open until there was a minimum of a 51% majority of the voting shares having reached a decision, usually within 24 hours.
Since the Dirigo Angel Fund acts as a side-car fund to the Maine Angels members’ group diligence and individual investments, it provides a meaningful additional investment within as short as a 2-week turnaround from the conclusion of the Maine Angels deal process. The Dirigo Angel Fund II will only consider ventures with a positive diligence report from the Maine Angels deal process or from another New England regional ACA (Angel Capital Association) group member.
The Dirigo Angel Fund II Investment Advisory Board includes Maine Angels members from across Maine. The Dirigo Angel Fund II manager is Ken Carle, who also managed the Bangor Angel Fund III and Dirigo Angel Fund I and has been involved with the administration of Bangor Angel Funds II and III.
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Investor Information
Please direct questions about the investment process for Dirigo Angel Fund II to contact@maineangels.org
If you are an accredited investor and would like to participate in future Angel funds or the Maine Angels, please refer to the Maine Angels webpage For Investors - Become a Member or contact Maine Angels at contact@maineangels.org for membership information.
Dirigo:
Latin for “I direct” or “I lead”
Mount Kineo, Moosehead Lake, Greenville Maine
