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V O L . X X X I I N O. V I I I A P R I L 2 0 , 2 0 2 6 12 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S F rom home-grown venture capital to revenue-linked debt, startup financing in Maine is gathering pace. at's opening doors for entrepreneurs who may not qualify for — or want — commercial bank loans, are maxed out on grants or aren't yet ready to court deep-pocketed investors on bigger stages. New backers include a venture capital firm aiming to close its first two investments this month; a venture studio that's tapping academic talent to get new businesses off the ground; and a revenue-based debt instrument for growth capital. With some caveats, experts expect more venture firms to enter the fray. "Maine has great potential, but will need much more density of world- class talent and world-class R&D to become a mini-Silicon Valley," says Jason Harkins, executive dean of the Maine Business School and associ- ate professor of entrepreneurship. He nevertheless predicts that "as Maine's startup economy and ecosystem con- tinues to develop and support more scalable businesses, more venture firms and investments will follow." Here are three funding routes off the beaten path. Agile 'super-angel' takes flight An angel investor and entrepre- neur with two successful exits under his belt, Chris Wolfel feels right at home in venture capital. He recently founded Corsair Venture Partners to invest in early-stage startups across New England. Wolfel, who named his business in a nod to the privateers of yore enlisted to seize new markets and land, aims to do something similar by "building bold companies in real-world markets" and backing them "before anyone else does," as his website touts. He plans to target startups modern- izing legacy sectors such as advanced manufacturing and construction tech as well as companies "enabling the everyday economy" by creating tools and technology for industries including hospitality, tourism, health and wellness and education. Corsair's focus is on pre-seed invest- ing in startups that show early signs of demand, even if the business is not yet generating any revenue. Like the entrepreneurs Wolfel aims to support, "I love that really The best financial returns will be made by being early, being contrarian and being willing to stand alone. — Chris Wolfel Corsair Venture Partners Chris Wolfel founded Corsair Venture Partners to invest in early- stage startups across New England. P H O T O / T I M G R E E N WAY Maine financiers take varied routes to backing startups BOLD VENTURES messy, chaotic, figuring-it-out stage," Wolfel says in the Cliff Room — named after the Casco Bay island — at Northeastern University's Roux Institute, where he formerly led entre- preneurship and venture creation. Still tied to the Roux as a mentor in residence, Wolfel often works from its Portland waterfront campus — and other places around town — as he ramps up. "It was one thing when there were three or four of us working out of an apartment and betting our futures," he says. "Once you start bringing in out- side capital, there are risks associated with that, but I take that commitment really seriously." Corsair has raised an initial $3.5 million from 14 backers for its inaugu- ral fund to deploy immediately, with plans to raise another $20 million. Wolfel expects to close the first two investments this month. Over the next decade, Wolfel aims to fund around 75 companies from three funds and expand the number of backers to more than 50 by the final close. While Wolfel is Corsair's sole general partner, he's assembled a team that includes a part-time chief financial officer, an advisory committee and ven- ture partners who help source, evaluate and support founders. Others are busy behind the scenes with their time or capital. Venture partners include Deb Mills-Scofield, a fellow Roux mentor- in-residence who says that "as a serial entrepreneur, Chris understands funding from both sides." While it's not unusual for Wolfel to have four or five meetings in a single day, he recently packed in 13, including seven back-to-back on Zoom. at left no time for lunch, save a yogurt and an orange. He also makes the most of quiet time for "deep research." B Y R E N E E C O R D E S

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