Highlight Feature:

Overview:
Supply Change Capital is an early-stage venture capital fund investing in pre-seed and seed-stage enterprise startups that improve how food moves, scales, and nourishes.

The firm launched its inaugural $40MM fund, Supply Change Capital Fund I, in 2021 and has since invested in 26 companies spanning the supply chain, health and nutrition, and workforce and labor sectors. Its platform is defined by deep sector expertise, a robust corporate support network, and a commitment to supporting founders who are transforming the global food supply chain.

The firm is currently raising Supply Change Capital Fund II, a $55MM venture fund launched in 2024, targeting 40 pre-seed and seed-stage investments. To date, Supply Change Capital has raised $60MM across both funds and secured institutional investment from Bank of America, MassMutual, JPMorgan Chase, General Mills, and others.

Opportunity:
Supply Change Capital is raising a $55MM fund (over $20MM closed) and targets gross TVPI of 4.8×, a 70%+ loss ratio, and ~50% dilution at exit on all investments. The minimum check size per donor-investor is $25K.

Thesis:
Supply Change Capital Fund II is a $55MM early-stage venture fund investing in enterprise technology startups that drive efficiency, resiliency, transparency, and sustainability across the food and agriculture system. The will invest $200K-$2MM, secure 6%-9% ownership in all investments, lead 25% of the rounds it joins, and reserve 30% of its total AUM for follow-on investments. The fund has a 10-year term with a 5-year investment period. It targets startups that can benefit from its expertise and corporate network to secure early pilot opportunities.

The fund focuses on three enterprise verticals:

1. Supply Chain Tech (visibility, automation, predictive analytics, financial infrastructure)

2. Health & Nutrition Intelligence (data-driven nutrition, labeling transparency, consumer guidance)

3. Labor & Workforce Tech (productivity tools, automation, workforce operations)

These sectors offer large addressable markets, significant fragmentation, and increasing regulatory requirements for tracking in food processing and distribution. These factors create opportunities for AI-enabled startups to become category leaders.

Track Record:
Supply Change Capital Fund I, launched in 2021 with $40MM committed capital, has built a portfolio of 26 companies, with over 80% securing follow-on funding through 14 bridge rounds and 7 priced rounds. To date, the fund has led 7 funding rounds, helped 2 companies scale to $3MM in ARR, and delivered 0.80 TPVI and 0.97 MOIC for investors. Revenue growth for top-performing companies has ranged from 284% to 1,439% since their initial investment.

Since launching the fundraise for Supply Change Capital Fund II in 2024, they have raised over $20MM from institutional investors, including Mass Mutual, Illinois Growth and Innovation Fund, Spring Point Partners, and Cambridge Associates.

Mission Alignment:
Supply Change Capital’s portfolio companies improve supply chain transparency, reduce waste, strengthen food system resilience, and support workforce sustainability, which benefits the health and well-being of underserved communities. Of their 26 portfolio startups, 68% track health outcomes and 58% track diversity outcomes.

Given that underresourced communities are disproportionately affected by a lack of access to affordable and healthy food, Supply Change Capital’s investments in startups that build sustainable, equitable, and efficient food and supply systems closely align with Inspire Access’s mission to support underserved communities.

Team: