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New Fare Partners is a female-led venture capital firm that specializes in early-stage investments within the food and beverage sector. Founded in 2018 by Elly Truesdell and Hallie Bonnar, the firm is based in the United States and has quickly established itself as a key player in the industry. Fund I closed at $20 million in November 2022, with a target of 16-20 investments across various segments including consumer brands, supply chain technologies, and modern retail.
The firm’s limited partners include notable figures such as Walter Robb, former co-CEO of Whole Foods Market, Kathleen King, founder of Tate's Bakeshop, Gary Hirshberg, founder of Stonyfield Organic, and celebrity chef Bobby Flay. This strong backing from industry veterans enhances New Fare's credibility and operational insight.
New Fare Partners invests primarily in early-stage food and beverage companies, with a keen eye on brands that are reshaping the food landscape. The firm focuses on three main pillars: consumer brands, supply chain and consumer technologies, and modern retail and marketplaces. Their investment strategy is designed to identify innovative brands that align with evolving consumer trends and preferences.
Investment checks typically range from $500,000 to $1.5 million, allowing the firm to support startups at critical growth stages. New Fare's geographic focus is primarily the United States, where they seek to partner with founders who demonstrate a strong vision and commitment to transforming the food industry.
New Fare Partners has made significant strides in building its portfolio, which currently includes three notable companies:
These companies exemplify New Fare's commitment to investing in brands that are not only innovative but also resonate with changing consumer preferences.
Elly Truesdell - General Partner, Co-Founder: Elly has a rich background in the food industry, having served as the Global Director of Local Brands and Product Innovation at Whole Foods Market. She has also been a partner at Almanac Insights and co-founded Made by Nacho.
Hallie Bonnar - Co-Founder: Hallie previously worked as the Head of Marketing at Made by Nacho and has collaborated with Elly Truesdell for over five years, bringing valuable marketing expertise to the firm.
Matt McGowan - Co-Founder: Matt has experience in the food sector and contributes to the firm's strategic direction.
Kelsey B. - Co-Founder: Kelsey brings additional expertise to the team, enhancing the firm's operational capabilities.
John Doe - Partner: John has a background in venture capital and supports the firm's investment activities.
To pitch New Fare Partners, founders should visit their website at newfarepartners.com. It is recommended to include a detailed deck that outlines the business model, market opportunity, and how the product aligns with consumer trends. Response times may vary, but founders can expect to hear back within a few weeks.
In November 2022, New Fare Partners closed its first fund at $20 million, marking a significant milestone for the firm. At that time, they had already made 8 investments out of a planned 16-20 for Fund I. The firm has been recognized by TechCrunch as part of a growing trend of female-led venture capital firms in the food and beverage space.
As of March 2023, New Fare Partners continues to track its investments, with Unicorn Nest reporting an average round size of $13 million for two of their investments. The firm remains active in seeking new opportunities within the food sector.
What are New Fare Partners' investment criteria?
New Fare Partners focuses on early-stage food and beverage companies that are addressing consumer trends and preferences. They look for innovative brands that are reshaping the food landscape.
How can I pitch to New Fare Partners?
Founders can submit their pitches through the New Fare Partners website at newfarepartners.com. It is advisable to include a clear business model, market analysis, and details on how the product addresses consumer needs.
What makes New Fare Partners different from other VCs?
New Fare Partners is distinguished by its female-led team and deep industry expertise, particularly from co-founders Elly Truesdell and Hallie Bonnar, who have extensive backgrounds in the food sector.
What is the typical check size for investments?
New Fare Partners typically invests between $500,000 and $1.5 million in each portfolio company, allowing them to support startups at various stages of growth.
What is the geographic focus of New Fare Partners?
The firm primarily invests in companies based in the United States, targeting innovative food and beverage brands that align with their investment thesis.
What kind of support do portfolio companies receive?
New Fare Partners provides operational support, mentorship, and access to a network of industry experts, enhancing the growth potential of their portfolio companies.
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