Foodtech venture firm Supply Change closes equity investment from Bank of America
Supply Change Capital, a women and Latina powered venture firm investing in early-stage food technology businesses, announced an equity investment from Bank of America.
The additional capital will help sustain the momentum toward Supply Change Capital's $40 million fund goal to invest in companies addressing the future of food. Focused on the intersection of food, culture and technology, the fund catalyzes change by investing in diverse founders across the supply chain in technology, sustainable ingredients, and culture-first brands.
Supply Change Capital has made ten investments to date in food technology companies. Seventy percent of portfolio companies are led by women and ninety percent of companies are led by a female and/or founder of color. Additionally, seventy percent of investments reduce the food system impact on climate, and over half promote healthier communities. This makes Supply Change Capital's investments catalytic for the environment, consumers, and the ecosystem.
Noramay Cadena, Co-founder and Capital General Partner, Supply Change: "The rising multiculturalism of America is having a deep impact on the $6 trillion food sector in terms of what, how, and where we eat. Concurrently, climate change is the defining force of our generation, impacting food and agriculture across the supply chain. The past year was record-breaking for food tech investments and IPOs. The food sector is essential to the economy, and innovation in this space will be critical in years to come."
Bank of America became the first multi-million-dollar institutional investor in Supply Change Capital's Fund I. The company's investment is a part of Bank of America's commitment to advancing racial equality and economic opportunity. As a part of this commitment, the bank has already allocated more than $300 million to more than 100 minority-focused investment funds across the U.S, acting as a force multiplier, encouraging other institutions to deepen investments into under-capitalized funds. In turn, these funds invest capital into under-represented minority and women entrepreneurs to help them establish and grow their businesses.
Raul A. Anaya, Head of Business Banking, Bank of America: "Bank of America's investment into Supply Change Capital underscores our ongoing efforts to catalyze highly-scalable, venture-backed businesses led by women and people of color. Supply Change Capital is well positioned to help more entrepreneurs scale their businesses while also addressing how technology can modernize our food system."