Last Month MVF, as an affiliate member of the Angel Capital Association, joined ten other New England-based angel investor groups at a New England regional event in Boston. Ten companies, one of which was nominated by MVF, were invited to attend, network, and pitch potential investors.
For MVF, it was an opportunity to continue to build connections and relationships with Boston-area investors. Such relationships can lead to more capital for Maine-based deals, and often larger capital raises for Maine companies. MVF often collaborates with other Maine-based investors to meet the needs of companies raising $750,000 to $1 million. However, for companies to raise more than $1.5 million, it often takes access to broader capital markets.
MVF’s nominee to pitch at the event was Orono Spectral Solutions, a chemical and biological agent detection company. “The event was helpful in terms of connecting OSS to a wider range of angel investors and angel groups,” said CEO Roland Sirois. “It also helped us better understand what these investors seek.” Since the event, OSS has scheduled presentations to at least two New England angel groups.
“Everyone is talking about the startup ecosystem that is flourishing in Portland,” said Sarah Dickey, membership director of the Angel Capital Association. “Maine seems to have really figured something out.” Dickey specifically mentioned Maine programs such as the Maine Technology Institute and the Maine Seed Capital Tax Credit incentive for contributing to the buzz.
As members of Maine’s startup ecosystem it is important that we all continue to build these relationships and share our successes. It seems it has already started to work!