Who Are the Maine Angels?

The Maine Angels are accredited private equity investors who invest in and mentoring early stage companies. Our goal is to make investments in promising entrepreneurs in Maine and New England.



A Member Network

An essential element of the Maine Angels organization is the exchange of information among members. Experienced early stage investors share their insights with members who are just entering the angel investment arena. This group engagement is applied throughout the application process, beginning with pre-screening, questioning of presenters at meetings, and member debrief discussions. After every presentation by an entrepreneur, members who are interested in the proposal form a working group with a designated deal lead. The members work collaboratively through the due diligence process, leveraging the group's expertise and connections, and negotiate a deal for all members to be able to consider. Once due diligence is complete and deal terms have been established, each member individually chooses whether or not to invest.



Sam Fratoni


Sam is an active investor in several startups and has been a member of Maine Angels since April 2013. He helped lead the prior Maine Angles leadership team through a strategic planning exercise and was elected Chair in October of 2015.

Sam is a business executive with over 30 years of global, technical corporate leadership, focused on helping organizations apply technology to real customer needs to produce results for the company and employees. He led business units, international regions and global business functions for Hewlett Packard Company and as Corporate Vice President for IDEXX Laboratories. Sam is a PhD chemist by training with many years of instrument, diagnostics, and systems development experience.

Sam is very involved in leadership, education, and entrepreneurial development activities based on the application of large corporation best practices scaled and aligned with small company needs and resources. He is a board member and mentor for the Maine Center for Entrepreneurial Development. He is currently Envision Maine Board Chair and remains a member of the Breakwater School Board of Trustees after serving as board president for five years.

Ralph Nodine

Vice Chair

Ralph Nodine has been a member of Maine Angels since 2014.  During this time, he has actively invested in a diverse portfolio of growing companies.  At Maine Angels, Ralph has served as deal lead, developed the deal management team, worked with the screening committee, and also served on the governance committee.  For over 20 years, he served as the founder and CEO of a company that manages real estate equity funds.  During his tenure, the company successfully raised and invested over $480,000,000, built and managed a portfolio of 165 properties, and exceeded the investment objectives of their investors.  Ralph has also been a managing partner in the development of $45 million of real estate with four properties in Chicago and one in New Hampshire.

Ayres Stockly


Ayres has been a member of the Maine Angels since 2013, and has invested in a number of startups. He was elected Treasurer in 2014, and re-elected in 2016.

Ayres is a business partner in Apex Racket & Fitness in Portland, and also an investor in commercial real estate and the stock market. He is also a partner in a small local food startup that makes veggie burgers.

Audrey Lones


Audrey Greenhill Lones has been a member of the Maine Angels since 2018. As an investor in several Maine startups, she is committed to influencing economic development in Maine by supporting innovative start-ups and small businesses.

She has a diverse background as a business owner, engineer, project manager, and municipal leader and is currently active in the Maine start-up and small business community as a mentor at the Maine Center for Entrepreneurs and SCORE.


Maine Angels respects the privacy of its members and does not disclose the identity of any individual without their prior approval. Maine Angels currently has over 60 members but not all are listed below.


Amos Eno

Matt Ware

Nathaniel Henshaw

Fred Heimann

Kerem Durdag

Rob Pierson

John Goodrich

Robert Kelley

Tim Agnew

Greg Fryer

Brad McCurtain


Conrad Kozak

Sandra Stone

Sam Ladd

Ralph Hershberger