CEI closes $5.5M VC fund
CEI Ventures Inc., the for-profit venture capital subsidiary of Coastal Enterprises Inc., has announced the initial closing of a new, socially responsible VC fund.
The first closing of Coastal Ventures III LP brought in $5.5 million from banks, foundations and individuals to invest in Maine companies that will generate social, economic and environmental benefits to their communities, according to the Bangor Daily News. CEI Ventures plans to ultimately use the fund to invest $10 million in eight to 12 companies to improve the environment and create jobs for low-income workers. Portfolio companies in prior funds have generated more than 2,800 jobs and generated products that help control air pollution and test for pesticides in drinking water.
Wiscasset-based CEI is a nonprofit community development financial institution that provides financing and support to small businesses, community facilities and affordable housing. CEI's venture funds have raised more than $41 million, while CEI Ventures has invested in 35 companies over the past 16 years, according to the paper.
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