The venture capital firm Supply Change Capital recently announced the close of its first US$40 million fund for food and agriculture technology companies committed to sustainability.
“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 faces,” says Shayna Harris, Founder and Managing Partner of Supply Change Capital in a press release.
The fund—backed by General Mills, Mass Mutual, and Bank of America—is geared toward early-stage food and technology companies. Investments are focused on food, agriculture, and ingredient companies utilizing deep technology, supply chain technology, and enterprise software.
According to Supply Change Capital, all companies in the portfolio have a positive impact on the environment, health, or diversity outcomes, and 73 percent are focused on positive environmental outcomes tied to the atmosphere, soil health, biodiversity, or water.
The venture capital firm also reports that more than 80 percent of the companies in the portfolio are headed by Latinx, Black, and/or women founders or CEOs.
“Multicultural citizens account for nearly all of U.S. population growth; by 2050 there will no longer be a ‘minority’ in the U.S.,” Harris says. “However, according to Pitchbook, 98 percent of venture capital dollars go to male founders while Diversity VC estimates that 70 percent of venture-backed founders are white, leaving the remaining population nearly untapped for early stage funding and creating a significant opportunity loss for further innovation.”
Articles like the one you just read are made possible through the generosity of Food Tank members. Can we please count on you to be part of our growing movement? Become a member today by clicking here.
Photo Courtesy of CA Creative, Unsplash
