July 28, 2023

Latina-Led VC Firm Closes Debut $40M Fund To Invest In The Future Of Food

Latina-led venture capital firm Supply Change Capital has announced the close of its inaugural $40 million fund to invest in the future of food.

Investing in food, culture, and tech

Supply Change Capital, one of the largest Latina-led funds, invests at the intersection of food, culture, and technology to catalyze early-stage sustainable businesses that modernize the food system.

The firm has deployed over $13 million across 15 early-stage food and agriculture technology companies since June 2021, with Latine, Black, and/or women founders and CEOs comprising 80% of the portfolio.

Limited Partners in Supply Change Capital include 301 INC, MassMutual through its First Fund Initiative, the Office of the Illinois Treasurer through the Illinois Growth and Innovation Fund, Bank of America, and many others.

“Ultimately, each LP, founder, and stakeholder in our community understands the same thing we do: we are on the precipice of a transformative change at the intersection of food, culture, and technology,” said Noramay Cadena, Founder and Managing Partner of Supply Change Capital, in a press release.

One of the largest Latina-led funds

The firm is led by Noramay Cadena, an aerospace engineer turned investor, and Shayna Harris, who brings an insider’s eye to the food industry. The pair met while at business school at MIT Sloan in 2009 and have 40 years of operating and investing experience and 75 investments between them.

Cadena spent over a decade bringing complex space programs to market at Boeing before pivoting to venture capital in 2015. She previously launched an early-stage fund which invested in more than 20 manufacturing and supply chain companies.

Meanwhile, Harris’ extensive food industry expertise ranges, from architecting the chocolate supply chain at Mars to building groundbreaking food tech companies such as Farmer’s Fridge.

According to Pitchbook, only 16.1% of venture capital decision-makers are women, and only 2% of venture capitalists are Latina or Latino.

​​”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. 

“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.

Sara Keenan

Tech Reporter at POCIT. Following her master's degree in journalism, Sara cultivated a deep passion for writing and driving positive change for Black and Brown individuals across all areas of life. This passion expanded to include the experiences of Black and Brown people in tech thanks to her internship experience as an editorial assistant at a tech startup.