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Venture Capital
ceimaine.org/cei-ventures

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Investments

63

Portfolio Exits

12

Funds

7

About CEI Ventures

CEI Ventures manages socially responsible venture capital funds. The company was founded in 1994 to mobilize private capital markets while advancing social goals. CEI Ventures' owns balanced equity portfolios, diversified by geography, industry, stage of business development and social benefits. Often staged through multiple financing, target portfolio company investments will generally range from $1 million to $4 million.

CEI Ventures Headquarter Location

30 Federal Street Suite 100

Brunswick, Maine, 04011,

United States

207-504-5900

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Latest CEI Ventures News

Cambridge Savings invests in fund to support small businesses

May 20, 2021

By  John Reosti May 20, 2021, 11:14 a.m. EDT 2 Min Read REGISTER NOW Cambridge Savings Bank in Massachusetts has invested $500,000 in a venture capital fund that backs small businesses that produce higher-quality jobs. The $5.2 billion-asset mutual announced the investment in CEI Ventures’ Coastal Ventures V fund on Wednesday as part of an effort to diversify its community development investments. The bank previously had focused on low-income-tax-credit and other affordable housing projects, Chief Lending Officer Michael Lindgren said in an interview. Cambridge Savings was introduced to CEI Ventures, a subsidiary of Coastal Ventures — a Brunswick, Maine-based community development financial institution and the state's oldest CDFI — this year after CEI Ventures invested in one of its clients, a Naugatuck, Connecticut, food producer. “We did some research and found [CEI Ventures’] mission and business plan very compelling,” Lindgren said. Cambridge Savings’ initial plan was to invest $250,000. Its executive committee doubled the commitment “once we were fully aware of what this fund does,” Lindgren said. The investment in CEI Ventures tracks with the growth of its commercial-and-industrial portfolio over the past few years. As of March 31, commercial-and-industrial loans made up 17% of Cambridge Savings’ $4.2 billion loan portfolio, up from 11% two years earlier. “CSB’s interest in this investment opportunity was enhanced by the fund's focus on small-business community lending, which has clearly been CSB’s approach over many years," Lindgren said. Through its funds, CEI Ventures invests in small businesses across a wide range of industries to create and support jobs with higher compensation and more comprehensive benefits. Many of the businesses it supports operate in rural and underserved communities plagued by joblessness. “What we heard from investors, especially given the events of the past year, is a desire to grow good quality jobs in regions that typically draw little or no equity capital and where many jobs may have been lost permanently due to the pandemic,” CEI Ventures CEO Betsy Biemann said in a press release. Since organizing its first fund in 1996, CEI Ventures said it has invested in 64 small businesses, helping create 2,700 jobs. Banks rank among CEI Ventures’ strongest supporters. The Coastal Ventures V fund has 17 banks, including Cambridge Savings, among its investors. “We are delighted to add Cambridge Savings Bank as a partner,” Nat Henshaw, managing director at CEI, said in a press release. “Having a strong bank partner in the Boston market is very beneficial to us and our portfolio companies.” Coastal Ventures is also involved in organizing opportunity zone funds for bank investors. Lindgren said he expects the Coastal Ventures V fund to begin generating returns for investors after a few years. “Given the nature of these businesses, and of the investment as equity, it takes more time for these types of investments to mature,” he said. The fund’s projected yields are lower than other potential investments, but its social benefits align well with Cambridge Savings’ community development goals, Lindgren said. “We looked at this opportunity as being well worth the cost of a lower yield,” Lindgren said. During a House Financial Services Committee hearing, Democrats largely praised the policy decisions of acting regulators named by the Biden administration and knocked their predecessors. But Republicans warned that moves to reverse Trump-era policies would leave financial institutions without a clear road map. Only 0.9% of mortgage borrowers are currently at least 90 days delinquent. That figure could rise as high as 3.8% once pandemic-related deferrals lapse — still well below the 6% mark reached after the Great Recession, according to research by the New York Fed.

CEI Ventures Investments

63 Investments

CEI Ventures has made 63 investments. Their latest investment was in Atlantic Sea Farms as part of their Series C on September 9, 2021.

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CEI Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/9/2021

Series C

Atlantic Sea Farms

$3.14M

No

1

9/4/2019

Series A

Culture Fresh Foods

$11M

Yes

5

2/8/2019

Series B

CourseStorm

$1.15M

Yes

LearnLaunch Accelerator, and Maine Venture Fund

3

1/28/2019

Series A

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$99M

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10

1/3/2019

Series B

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$99M

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10

Date

9/9/2021

9/4/2019

2/8/2019

1/28/2019

1/3/2019

Round

Series C

Series A

Series B

Series A

Series B

Company

Atlantic Sea Farms

Culture Fresh Foods

CourseStorm

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Amount

$3.14M

$11M

$1.15M

$99M

$99M

New?

No

Yes

Yes

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Co-Investors

LearnLaunch Accelerator, and Maine Venture Fund

Sources

1

5

3

10

10

CEI Ventures Portfolio Exits

12 Portfolio Exits

CEI Ventures has 12 portfolio exits. Their latest portfolio exit was BlueTarp Financial on June 21, 2019.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/21/2019

Acquired

Capital One

2

4/29/2019

Acquired

Generac Holdings

2

1/27/2015

Merger

EPiServer

1

00/00/0000

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10

00/00/0000

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10

Date

6/21/2019

4/29/2019

1/27/2015

00/00/0000

00/00/0000

Exit

Acquired

Acquired

Merger

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Companies

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Valuation

Acquirer

Capital One

Generac Holdings

EPiServer

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Sources

2

2

1

10

10

CEI Ventures Fund History

7 Fund Histories

CEI Ventures has 7 funds, including Coastal Ventures V.

Closing Date

Fund

Fund Type

Status

Amount

Sources

5/21/2021

Coastal Ventures V

$0.5M

1

3/11/2021

Good Jobs Fund

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$99M

10

1/17/2017

Coastal Ventures IV

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$99M

10

4/8/2011

Coastal Ventures III

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$99M

10

1/1/2001

Coastal Ventures II

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$99M

10

Closing Date

5/21/2021

3/11/2021

1/17/2017

4/8/2011

1/1/2001

Fund

Coastal Ventures V

Good Jobs Fund

Coastal Ventures IV

Coastal Ventures III

Coastal Ventures II

Fund Type

Subscribe to see more

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Status

Amount

$0.5M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

CEI Ventures Team

2 Team Members

CEI Ventures has 2 team members, including current Managing Director, Nathaniel V Henshaw.

Name

Work History

Title

Status

Nathaniel V Henshaw

Managing Director

Current

Mark D Kaplan

Managing Director

Former

Name

Nathaniel V Henshaw

Mark D Kaplan

Work History

Title

Managing Director

Managing Director

Status

Current

Former

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