New Markets Venture Partners, a Fulton, MD-based firm with a reputation of being “impact” investors, has raised over $160 million for a new fund – New Markets Education Partners III – to back startups focused on boosting “economic mobility” in education and workforce development.

The fund will focus on Series A and B investments and recapitalizations with companies generating between $2 million and $50 million in revenue with potential to grow to $50 million to $200 million within three years.

New Markets bills itself as “the nation’s longest running edtech and workforce technology VC.” The latest fund is the VC’s fifth since its founding 20 years ago and has placed investments with 41 companies and realized $3.3 billion in value for shareholders.

“We are fortunate to have this unique opportunity to provide capital and support to the most deserving mission-driven education and workforce entrepreneurs,” said Mark Grovic, Co-Founder and General Partner of New Markets Venture Partners.

New Markets said it received “significant” support for its new fund from its existing investor base and several new US and European education-focused foundations and endowments.

Over the last three years, New Markets has invested in seven new companies and realized 10 investments including Credly, Presence, LearnPlatform, Signal Vine, Kickboard, Mursion, StraighterLine, Whiteboard Advisors, Galvanize, and Graduation Alliance, which totaled more than $1 billion in market value and returned over $100 million to limited partners.

Citing data from HolonIQ, New Markets said the firm was able to maintain its growth momentum in education despite global edtech investing being down by nearly 50%.