Los Angeles and Chicago, USA-based venture capital firm that invests in the future of food, Supply Change Capital, raised USD 40 million for its inaugural fund. The company announced the closure on July 24, 2023. 301 INC, MassMutual’s First Fund Initiative, the Office of the Illinois Treasurer through the Illinois Growth and Innovation Fund, Bank of America, Illumen Capital’s Catalyst Fund, and J.P. Morgan Asset Management are the limited partners in the fund.
Purpose of the fund by Supply Change Capital
The company’s elaborate investment strategy seeks opportunities in the sustainability, health, and diversity lens in the food and agriculture industry.
The company’s portfolio boasts Investments such as deep tech food, agriculture and ingredient companies, supply chain technology, and enterprise software.
What the company’s official has to comment
Noramay Cadena, Founder and Managing Partner of Supply Change Capital said, “From our intersectional set of investors to our robust portfolio, we’ve seated a venture firm platform that can endure and thrive. Ultimately, each LP, founder, and stakeholder in our community understands the same thing we do: we are on the precipice of a transformative change at the intersection of food, culture, and technology. With 40 years of combined operating and investing experience, we’ll be the team leading investments through this evolution to a more inclusive and sustainable food system.”
In addition, Shayna Harris, Founder and Managing Partner of Supply Change Capital said, “Supply Change Capital invests in the technologies that underpin a more resilient food system. We invest through the lens of climate and culture, table stakes given the current existential crisis that our planet and society face. The food industry is responsible for a third of climate emissions. Multicultural citizens account for nearly all of the US population growth; by 2050, there will no longer be a ‘minority’ in the US. However, according to Pitchbook, 98%4 of venture capital dollars go to male founders. Meanwhile, Diversity VC estimates that 70% of venture-backed founders are white5. It leaves the remaining population nearly untapped for early stage funding and creating a significant opportunity loss for further innovation.”
What do the partners have to comment
Johnny Tran, managing director, 301 INC, said, “Supply Change Capital represents the future of food and the venture industry. As a leading investment firm in early-stage food and agriculture technology companies, Supply Change Capital has a pulse on the cultural, demographic, and sustainability shifts. These factors are important to usher in the next wave of groundbreaking innovations for our industry.”
About the company
Noramay Cadena and Shayna Harris launched the company in 2020. The company’s investments focus on early-stage technology companies. The portfolio companies must respond to the seismic shift that is occurring in the USD 10 trillion global food industry.
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