Maine Angels is looking for new investments
To share information about your company with our members and receive rapid feedback, submit an online application to us on Dealum, the angel industry standard investment management platform.
Investment Criteria
Maine Angels members generally are looking for the following attributes in an investment opportunity:
Scalable business with plans to address growing markets
An intent to exit with an achievable exit strategy
Provide the potential for high returns to compensate for investment risk and illiquidity
Emerging or established market for the product
○ The potential addressable market should be of sufficient size to make a profitable exit possible
Differentiated product or service
Preference for East Coast / New England deals within range of a site visit
○ Companies outside Maine must be engaged with an investment organization to lead the proposed investment prior to applying to Maine Angels
Attractive deal terms
Management capable of executing the plan
Alternative Resources
Maine Center for Entrepreneurs
Process Overview
Establish an Entrepreneur account on Dealum and add Maine Angels to the Investors on your "Home" tab (click "Apply Here” button below).
Follow the guidelines in the "Instructions" tab to create your application, then Click the "Submit" button to make your application visible to Maine Angels members. Applications submitted on Dealum after the cutoff date for a Screening Committee Meeting are automatically considered for the following Screening Committee meeting.
Maine Angels members will conduct an initial review of your materials at the Screening Committee meeting. They may contact you with questions or suggestions, or to discuss how your enterprise fits with our members' interests.
You will receive an email response to your application within 3 business days of the Screening Committee Meeting. If you are selected to present, a member will contact you and host you at a Member Meeting. Only 2-3 entrepreneurs (about 20% of companies applying) are invited to present at each monthly Member Meeting. Occasionally we may ask you to provide additional information for re-consideration at a future Screening Committee Meeting. If your enterprise is not selected to present, you are welcome to re-apply in the future if there is a significant change in your approach or significant progress made in your business plan.
If you are invited to the Member Meeting, you will have 15 minutes to present your company followed by 15 minutes of questions from members. It is often helpful to bring other principles of your company. You should confirm with your host who will attend from your enterprise and their role within it. Members will discuss your application immediately after your presentation. If there is sufficient interest, volunteers form a diligence team of members lead by a deal lead member who will contact you.
The next step is a diligence kickoff meeting with your company and the diligence team within 7 business days of the Member Meeting. This starts a process of detailed questioning and investigation of the potential investment company. The diligence team publishes its findings to all Maine Angels members for their individual decisions on investing in your enterprise. If the investment is led by another investor group, members will request that group share their diligence and investment terms. If you and the diligence team agree that Maine Angels will be the lead investment group for this round, we will negotiate a detailed investment term sheet with you and provide it to our members. If your fundraising target is not fully subscribed by Maine Angels members, we may agree to help you secure additional funding from strategic partner organizations within Maine or other New England investment organizations.
Our goal is to complete diligence and identify next steps within one month of your Member Meeting presentation. Once a lead investor member has been identified, they will remain the main point of contact between you and Maine Angels. If it becomes clear that no members plan to invest, we will notify you promptly by email.
The Application
Successful applications will include:
Thorough market assessments; consumer/client interests (demand), competition (supply)
Clear explanation of the use of funds and milestones to be achieved with the funds
Detailed statement of the team's background and fit with the specific opportunity pursued
Sound fiscal planning; realistic start-up timelines, expenses, and revenue projections
Be prepared to submit:
Executive Summary
Financial Plan
Business Plan
Term Sheet and Reporting
Find Term Sheet expectations here
Find Reporting expectations here
Follow on Application Only
For follow-on applications, we need to receive 1-2 pages that specifically outline what has changed since the last time presented.
