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Spruce Capital Partners, LLC is a venture capital firm located in San Francisco, California. Founded in 2015, the firm specializes in creating, advising, and investing in life sciences companies that tackle global challenges in health, wellness, and environmental sustainability. The Managing Partners have over a decade of experience collaborating as investors, advisers, and domain experts in the life sciences sector.
Currently, Spruce Capital manages the MLS Capital Fund II, which has a fund size of $150 million, with a target of $200 million. The firm operates with a focus on North America and has a portfolio that includes nine companies. Notable milestones include the successful public listing of GreenLight Biosciences via SPAC in 2022, although it later faced restructuring. The firm also has a presence in Kuala Lumpur through its partnership with Xeraya Capital, enhancing its reach in the life sciences investment landscape.
Spruce Capital Partners primarily invests in life sciences companies that develop innovative solutions aimed at improving health and wellness while positively impacting the environment. The firm focuses on sectors such as biotech, healthcare, agtech, food-agtech, and synthetic biology. Investment stages range from seed to Series B, with an average check size of approximately $30 million for Series A rounds and $22 million for Series B rounds.
The firm co-manages the MLS Capital Fund II, which supports investments in biogreentech, including plant and animal agriculture, food and nutrition, bio-renewable chemicals, and synthetic biology. Spruce Capital seeks to partner with founders who are addressing critical global challenges and emphasizes the importance of innovative solutions that can lead to sustainable growth. The firm typically co-leads or participates in funding rounds, rather than acting as the sole lead investor.
Spruce Capital Partners has a diverse portfolio of nine companies, each contributing to advancements in life sciences and sustainability:
Roger Wyse - Managing Partner. Roger has extensive experience in the ag and life sciences sectors, having previously worked at Burrill & Co. He has a strong track record of investing in innovative companies and has been a key figure in the development of Spruce Capital's investment strategy.
Ganesh Kishore - Managing Partner. Ganesh brings a wealth of knowledge in life sciences and has been involved in various successful investments in the sector. His expertise helps guide the firm’s focus on health and environmental sustainability.
Greg Young - Managing Partner. Greg has a background in venture capital and has worked with numerous startups in the life sciences field. His insights into market trends and operational challenges are invaluable to the firm's portfolio companies.
To pitch Spruce Capital Partners, founders should submit their business plan through the contact page on their website or via email at info@sprucecp.com. It is recommended to include a comprehensive overview of the startup, including the problem being solved, the target market, and the team’s qualifications. Founders should also outline their funding needs and how the investment will be utilized to drive growth.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are preferred, as they can facilitate a more favorable review process.
In April 2024, Spruce Capital Partners made a seed investment in Shaanxi Non Ferrous Tian Hong REC Silicon Materials, marking their most recent confirmed deal. Prior to this, the firm participated in a Series E round for Inscripta in January 2023. The firm has been noted for its focus on life sciences and sustainability, with a portfolio that includes notable companies such as GreenLight Biosciences, which went public in 2022 but later faced restructuring.
Spruce Capital Partners continues to be active in the life sciences sector, although the pace of new investments has slowed, indicating a potential focus on follow-on investments for existing portfolio companies. The firm has not publicly announced the launch of a new fund, which may suggest that Fund II is nearing full deployment.
What are Spruce Capital Partners' investment criteria?
Spruce Capital Partners invests in life sciences companies that focus on health, wellness, and environmental sustainability. They primarily target sectors such as biotech, healthcare, agtech, food-agtech, and synthetic biology, with investments typically made at the seed, Series A, and Series B stages.
How can I pitch to Spruce Capital Partners?
Founders can pitch to Spruce Capital Partners by submitting their business plan through their website at this link or by emailing info@sprucecp.com. It is advisable to include a clear overview of the business model, market opportunity, and how the startup addresses global challenges in health and sustainability.
What makes Spruce Capital Partners different from other VCs?
Spruce Capital Partners differentiates itself through its focus on life sciences and sustainability. The firm leverages extensive industry expertise and a strong network to support portfolio companies in navigating challenges and achieving growth.
What is the geographic scope of Spruce Capital Partners?
The firm primarily focuses on investments within North America, although it has a partnership with Xeraya Capital in Kuala Lumpur, which may provide additional opportunities in Southeast Asia.
What is the typical check size for investments?
Spruce Capital Partners typically invests around $30 million in Series A rounds and approximately $22 million in Series B rounds. They often co-lead or participate in funding rounds rather than being the sole lead investor.
What is the post-investment involvement like?
Spruce Capital Partners provides extensive industry expertise, strategic guidance, and access to a network of resources to its portfolio companies, helping them navigate challenges and achieve sustainable growth.
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