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Cleveland Avenue is a venture capital firm founded in 2015 by Don and Liz Thompson, located in Chicago, Illinois. The firm specializes in investing in lifestyle consumer brands and technology companies that aim to disrupt large and growing markets. Cleveland Avenue has approximately 50 professionals on its team, providing hands-on operational support to its portfolio companies. Don Thompson, the former CEO of McDonald's, brings significant industry expertise and networks to the firm.
Since its inception, Cleveland Avenue has focused on sectors such as consumer products, food-agtech, healthcare, climate, and commerce. The firm has achieved notable milestones, including a successful IPO exit with Beyond Meat, which highlights its capability to identify and nurture high-potential companies. Cleveland Avenue's total assets under management (AUM) are approximately $765 million, reflecting its growth and ambition in the venture capital space.
Cleveland Avenue invests across various stages, including Pre-seed, Seed, Seed+ (Extension), Series A, and Growth Equity. The firm primarily targets sectors such as consumer products, food-agtech, healthcare, climate, and commerce. Check sizes typically range from $10 million to $50 million for growth-stage investments, with smaller amounts allocated for seed-stage funding.
The firm emphasizes supporting entrepreneurs who create innovative businesses that positively disrupt markets. Cleveland Avenue's investment strategy focuses on enhancing consumer lifestyles and promoting sustainable growth through customer-centric solutions. The firm also operates the CAST US Fund, which is specifically mandated to invest in Black- and Hispanic-owned companies, as well as women-founded businesses, further demonstrating its commitment to diversity and social impact.
Cleveland Avenue's portfolio includes a diverse range of companies that reflect its investment focus:
Don Thompson - Co-founder & Managing Partner: Don Thompson is the former CEO of McDonald's Corporation, serving from 2012 to 2015. He is recognized as one of the most prominent Black business leaders in the United States. His extensive experience in the food and beverage industry provides Cleveland Avenue with deep operational insights and a vast network.
Liz Thompson - Co-founder: Liz Thompson co-founded Cleveland Avenue alongside Don Thompson. She plays a crucial role in the firm's investment strategy and commitment to supporting diverse founders and underserved communities.
To pitch to Cleveland Avenue, founders should visit the firm's website at clevelandavenue.com. It is recommended to include a comprehensive pitch deck that outlines the business model, market opportunity, and financial projections. The firm prefers to receive pitches via email at media@clevelandave.com.
Response times can vary, but founders should expect a thorough review process. Warm introductions are highly encouraged, as they can significantly enhance the likelihood of receiving a timely response.
Cleveland Avenue operates an innovation facility that supports research and development, consumer research, and showcases for its portfolio companies. This facility is designed to enhance the capabilities of the firms within its portfolio, providing them with the resources needed to innovate and grow.
Specific details regarding the duration of programs, cohort sizes, or investment amounts have not been disclosed, but the facility aims to foster collaboration and knowledge sharing among portfolio companies.
In recent activity, Cleveland Avenue led a $2 million funding round for FoodBoss, a food delivery search engine, showcasing its continued investment in innovative food technology. The firm also backed Retail Aware, a startup specializing in display technology, further expanding its portfolio in the tech sector.
Additionally, Cleveland Avenue has been active in supporting Chicago-based startups through its diversity fund, CAST US, which focuses on investing in minority-owned businesses. The firm is currently seeking to raise $500 million for a new fund, indicating its ambition to scale its investment activities.
What are Cleveland Avenue's investment criteria?
Cleveland Avenue invests in lifestyle consumer brands and technology companies that disrupt large markets. The firm focuses on sectors such as food and beverage, healthcare, and climate, with a strong emphasis on sustainability and social impact.
How can I apply or pitch to Cleveland Avenue?
Founders can pitch their ideas through the firm's website at clevelandavenue.com. It is advisable to include a detailed business plan and financial projections in the pitch deck.
What makes Cleveland Avenue different from other VC firms?
Cleveland Avenue is distinguished by its commitment to diversity, particularly through its CAST US Fund, which mandates investments in minority-owned and women-founded businesses. The firm's leadership, particularly Don Thompson's background as the former CEO of McDonald's, provides unique insights into the food and beverage industry.
What is the geographic scope of Cleveland Avenue's investments?
The firm primarily invests in North America, focusing on the United States. It has a particular interest in supporting businesses based in Chicago's South and West Sides through its diversity initiatives.
What is the typical check size for investments?
Cleveland Avenue typically invests between $10 million and $50 million for growth-stage companies, with smaller amounts allocated for seed-stage investments. This allows the firm to support companies at various stages of their development.
What kind of post-investment involvement does Cleveland Avenue have?
The firm provides hands-on operational support to its portfolio companies, leveraging the extensive experience of its team. This includes assistance with research and development, consumer insights, and operational strategies to help companies scale effectively.
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