CEI Ventures announced Thursday it closed its fifth venture capital fund, the Good Jobs Fund, at $14.8 million.

The fund was sourced from 32 investors made up of nine individuals, two foundations, four community economic development entities and 17 banks and is similar to the previous four funds, but has a sharper focus on high quality jobs.

Similar to closing on a house, closing the Good Job Fund was the final legal step before starting investments.

Coastal Enterprises, Inc. Managing Director Nat Henshaw said the venture capital firm is looking to invest in a broad range of businesses and start ups that can grow and then offer more employment.

Venture capitalism is a method of raising money to then invest, with a degree of risk, in new and upcoming businesses.

“What we heard from the Good Jobs Fund 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,” said Betsy Biemann, CEO of CEI Ventures in a press release.

The firm will look for investments both inside and outside of Maine, however, historically 57% have been in Maine, Henshaw said.

CEI Ventures describes itself as an environmentally and socially responsible for-profit investment firm and, according to Henshaw, the firm uses those values to guide investments.

Typical initial investments range from $250,000 to $2 million, the release states, and examples of past investments include Constant.AI, a women-led software company, Culture Fresh Food, a plant-based food company and facility, and VETRO Inc., a Portland-based software company.

Beginning in 1996, CEI Ventures has now raised over $60 million across five funds and invested in 64 companies, which in turn has created 2,700 new jobs in areas overlooked by traditional venture capital investors, according to the press release.

CEI Ventures is owned by the parent company Coastal Enterprises Inc., both of which are based in Brunswick.