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Supply Change Capital Closes on $40M Fund

Supply Change Capital, a venture capital firm, announced Monday the close of its inaugural $40 million fund. One of the largest Latina-led funds, the firm has deployed over $13 million across 15 early-stage food and agriculture technology companies since June 2021.

The company's investments include deep-tech food, agriculture, and ingredient companies, supply chain technology, and enterprise software. Roughly eighty percent of the fund supports diverse-owned businesses, including leaders with brands that are Latinx-, Black-, and/or Woman-owned.

Firm partners include General Mills, MassMutual, Bank of America, and J.P. Morgan Asset Management.

"Supply Change Capital represents the future of food and the venture industry," said Johnny Tran, managing director, 301 INC, the venture capital arm of General Mills, in a statement. "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 needed to usher in the next wave of groundbreaking innovations for our industry."

"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," said Shayna Harris, founder and managing partner of Supply Change Capital, in a statement. "The food industry is responsible for a third of climate emissions. Multicultural citizens account for nearly all of U.S. population growth; by 2050 there will no longer be a 'minority' in the US." Harris noted that 70 percent of venture-backed founders are white.

The Supply Change portfolio demonstrates how it incorporates the goals of investing in well-being and diversity, according to the company.

• All portfolio companies have positive impacts on environmental, health, and/or diversity outcomes.

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

• Approximately 60 percent of the portfolio offers products and services to improve health.

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