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Supply Change Capital Closes Closes $40M Fund to Invest in the Future of Food


Supply Change Capital, a forward-thinking venture capital firm focused on investing in the future of food, has announced the successful closure of its inaugural $40 million Fund. As one of the largest Latina-led funds in the industry, Supply Change Capital has already made significant strides by deploying over $13 million across 15 early-stage food and agriculture technology companies since June 2021. The firm's investments span across deep tech food, agriculture, and ingredient companies, supply chain technology, and enterprise software, with a notable focus on supporting Latinx, Black, and/or Female Founder/CEOs, who comprise 80% of the portfolio.


Johnny Tran, managing director of 301 INC, the venture capital arm of General Mills, praises Supply Change Capital, recognizing the firm's invaluable insights into the cultural, demographic, and sustainability shifts required to drive groundbreaking innovations in the food industry. The firm's list of Limited Partners (LPs) includes prominent names like MassMutual through its First Fund Initiative, Bank of America, J.P. Morgan Asset Management, and more. Notably, Supply Change Capital stands out as a female and Latina-owned venture capital firm, a rarity in the male-dominated VC landscape, where only 16.1% of decision-makers are female and 2% are Latina/Latino venture capitalists.


Founded and managed by Noramay Cadena and Shayna Harris, two industry veterans who met at MIT Sloan in 2009, Supply Change Capital brings a wealth of experience to the table. Cadena, a mechanical engineer with extensive experience at Boeing, transitioned to venture capital in 2015, while Harris boasts a strong background in the food industry with executive leadership roles at fast-growth food and software startups. Together, they have collectively made over 100 investments to date and have honed a keen understanding of the ever-evolving food market.


By evaluating the market carefully, Cadena and Harris identified overlooked and underinvested trends shaping the $10 trillion global food industry. Supply Change Capital focuses on investing in technologies that drive a more resilient food system, with a strong emphasis on climate and culture. Given the current existential crisis the planet and society face, addressing climate change and promoting diversity and inclusion are table stakes for Supply Change Capital.


The firm recognizes the immense responsibility of the food industry, which is responsible for a third of climate emissions. Moreover, with multicultural citizens accounting for nearly all of the US population growth, Supply Change Capital sees the potential in investing in diverse and underrepresented founders, harnessing untapped potential for early-stage funding and further innovation.


The Supply Change portfolio showcases the firm's dedication to sustainability, health, and diversity in the food and agriculture industry:


- 100% of the portfolio companies have positive impacts on environmental, health, and/or diversity outcomes.

- 73% are focused on positive environmental outcomes related to the atmosphere, soil health, biodiversity, and/or water.

- 60% of the portfolio offers products and services to improve health.


As a testament to the firm's value as an investment partner, Michelle Ruiz of Hyfé, a biotechnology company repurposing food processing wastewater to alternative feedstocks for biomanufacturing, praises Supply Change Capital for their invaluable expertise and support.


With the closure of its inaugural Fund, Supply Change Capital is poised to continue making a positive impact on the future of food. By championing sustainability, health, and diversity in the industry, the firm stands at the forefront of driving meaningful change in the way we produce and consume food, paving the way for a more inclusive and sustainable future.

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