Top angel investors in Maine
Maine’s startup investor scene is small compared to Boston or New York, but it includes active angel investors and venture capital firms, such as Don Gooding, Maine Angels, and North Atlantic Capital, who back early-stage and growth-stage companies across the state. Every month, more Maine startups secure funding and move their business forward.
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.
Well, this list of the top angel investors and VC firms in Maine is definitely meant for you.
So, let’s get started.
Top 5 Angel Investors and VC Firms 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
- Investor Type: Angel Investor
- Investment Interests: Tech and Renewable Energy
- Investment Stage: Early Stage
Don Gooding is one of the most active and best-known angel investors in Maine. He has been a member of Maine Angels since 2005, served as its Vice Chair, and has invested as an angel since the late 1990s, with a strong focus on early-stage startups. He previously served as Executive Director of the Maine Center for Entrepreneurial Development and hosted the first two seasons of Greenlight Maine, a TV show where entrepreneurs compete for a $100,000 prize.
Moreover, Don Gooding prefers early-stage 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.
Some of his notable portfolio companies, confirmed via his Crunchbase profile, are:
Granite Systems: Granite Systems was a developer of multilayer Gigabit Ethernet switching technologies. It was acquired by Cisco Systems, where Gooding was the company’s first outside director.
Pika Energy: Pika Energy developed a direct current (DC) power electronic platform for solar, wind, and battery storage systems. The Westbrook, Maine company was acquired by Generac Holdings in 2019, and its private investors included members of Maine Angels.
IW Financial: IW Financial provided environmental, social, and governance (ESG) research, consulting, and portfolio management solutions for asset management firms.
Dream Local Digital: Dream Local Digital is a Maine-based digital marketing agency specializing in interactive media, SEO, and social media.
Maine Angels
- Website: Maine Angels
- Investor Type: Angel Network
- Investment Interests: Tech and Healthcare
- Investment Stage: Early
Founded in 2003, Maine Angels is one of the most established angel investor networks in New England. The network is headquartered in Portland and, per its own site, has invested in more than 100 companies since its founding.
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.
Notable investments in their portfolio are:
AboGen: AboGen is a commercial-stage medical device company that developed technology to collect, preserve, and isolate components of saliva.
Abierto Networks: Abierto Networks is a provider of digital marketing technology and POS transaction processing solutions, with a primary focus on convenience foodservice and convenience retail applications.
AcademicMerit: AcademicMerit is a developer of cloud-based educational software designed to offer professional learning.
American Unagi: American Unagi is an aquaculture company that farms and retails eels.
North Atlantic Capital
- Website: North Atlantic Capital
- Investor Type: VC Firm
- Investment Interests: Tech and Consumer Products
- Investment Stage: Growth
North Atlantic Capital is a VC firm founded in 1986 that has, per its own website, made over 80 investments and created thousands of jobs. The firm targets high-growth, later-stage technology companies with annual revenues above $10 million, and provides growth capital and structured debt.
When funding startups, North Atlantic Capital 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.
Per North Atlantic Capital’s own site, initial investments are typically structured as subordinated debt with warrants or equity features and range from $5 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.
LendKey: LendKey Technologies develops a cloud-based platform that connects lenders with borrowers and facilitates online lending.
Nonstop: Nonstop Agency is a digital marketing and media company.
Karen Mills
- Investor Type: Angel Investor
- Investment Interests: Tech and Fintech
- Investment Stage: Early
Karen Mills is a former US Small Business Administration Administrator and current Harvard Business School Senior Fellow with longstanding Maine ties. Prior to the SBA, Mills held leadership positions at several private equity firms and, in 2007, chaired Maine’s Council on Competitiveness and the Economy.
Since leaving the SBA, Mills has advised and invested in fintech and small-business lending startups, and guides her portfolio companies through different startup stages.
Her confirmed investments include:
Numerated: Numerated is a fintech company that makes business banking easy for financial institutions and their clients. Banks and credit unions use Numerated’s digital lending platform to meet business expectations for digital convenience. Mills joined Numerated as an adviser and investor.
Black Point Group
- Website: Black Point Group
- Investor Type: Investment Partnership
- Investment Interests: Software, Healthcare, and Life Sciences
- Investment Stage: Early and Growth
Headquartered in Portland, Black Point Group is a private investment partnership founded in 2007 that funds Maine-based and public and private growth companies. Per PitchBook data, the firm has made more than 20 investments to date.
Black Point Group focuses on long-term value creation and leverages operational and investment expertise in life science, technology, and other domains. Once they have funded a startup, the team stays actively involved to help it navigate growth challenges.
Some of their portfolio companies, per PitchBook, are:
Ovation: Ovation is an independently owned travel management company with experienced travel consultant teams in more than 90 locations.
MyTaskit: MyTaskit provides a software platform intended 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 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
How many angel investors and VC firms are active in Maine?
Maine has more than 80 individual and institutional investors listed in the Angel Match database, including angel networks like Maine Angels and growth-stage firms like North Atlantic Capital. Most are based in or near Portland and focus on technology, healthcare, and clean energy startups.
What industries do Maine investors prefer?
Maine’s investor base leans toward technology, healthcare, renewable energy, and life sciences, reflecting the state’s manufacturing and cleantech strengths. Individual angels like Don Gooding often favor early-stage tech and clean energy deals, while firms like North Atlantic Capital back growth-stage technology companies.
How do I apply to pitch Maine Angels?
Maine Angels uses a formal screening process. Entrepreneurs submit an online application, and only a few startups are selected to present. If chosen, you will typically be notified by email and asked to appear within 1 to 2 business days.
Are there venture capital firms in Maine beyond individual angels?
Yes. Firms like North Atlantic Capital and Black Point Group provide growth capital and structured debt to Maine-based technology and life sciences companies, complementing the state’s individual angels and the Maine Angels network.
