CEI Ventures closes fourth venture fund, has $20M under management
Photo / Tim Greenway
Joshua Broder, CEO of Portland-based TilsonTechnology, is a recent recipient of a $200,000 fourth-quarter investment from CEI Ventures.
CEI Ventures said Jan. 17 that it closed its fourth fund, Coastal Ventures IV LP, at just under $10 million, with the monies targeted at small businesses in Maine and the Northeast.
The Brunswick-based venture capital firm is now actively investing from two funds to total $20 million under management. The funds both aim to create quality jobs and back socially responsible products and services, especially ones that improve the environment.
Coastal Ventures IV was capitalized by 17 local and regional banks as well as eight individual investors. Parent company Coastal Enterprises Inc. put in the $1.5 million anchor investment for the fund.
“We want to thank our returning and new investors for their help in carrying out the important work of community and environmental impact investing,” Nathaniel Henshaw, president of CEI Ventures, said when the fund’s closure was announced.
CEI Ventures, which was founded in 1996, has to date raised more than $45 million and invested in more than 50 companies that created 2,000-plus net new jobs.
Prior successful investments include Coast of Maine Organic Products, Bar Harbor Foods, Soleras Ltd. and Avia Biosystems.
Its active portfolio investments include Pika Energy, Certify, Tilson Technology Management, BlueTarp Financial, Hyperlite Mountain Gear, Mingle Analytics, Maine Craft Distilling and Gelato Fiasco.
A recent Mainebiz article said Tilson Technology was the only company in Maine pulling in venture capital investment in the last quarter of 2016, according to data released in a Jan. 11 report by PricewaterhouseCoopers MoneyTree with data from CB Insights.
CEI Ventures said it invested $200,000 of Tilson’s $3 million round that quarter, with private investors providing the balance of $2.8 million. CEI Ventures has a total of $900,000 invested in Tilson Technology.
The Portland-based IT services company was a runner up in Mainebiz's 2016 Fastest Growing Companies in Maine list. Tilson will move to a new site in Portland, at 16 Middle St.,in November and in the next 18 months plans to add 100 people to its staff of 200.
CEO Ventures typically makes initial investments ranging from $250,000 to $750,000.
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