Supply Change Capital, a Leading Food Technology Venture Firm, Closes Equity Investment from Bank of America

LOS ANGELES, June 21, 2022 /PRNewswire/ -- Supply Change Capital, a women and Latina powered venture firm investing in early-stage food technology businesses, today 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.

"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," says Noramay Cadena, Supply Change Co-Founder and Capital General Partner. "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.

"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," said Raul A. Anaya, head of Bank of America business banking and president for Greater Los Angeles. "Supply Change Capital is well positioned to help more entrepreneurs scale their businesses while also addressing how technology can modernize our food system."

Learn more about Supply Change Capital's activities here.  

Supply Change Capital is focused on the intersection of food, culture, and technology. The team invests in a new generation of entrepreneurs who are innovating across the supply chain from regenerative agriculture to alternative proteins, food technology, culture-first brands, and more. Founding General Partners Noramay Cadena and Shayna Harris met at MIT Sloan in 2009 and have over 75 investments between them, including ten to date in the Supply Change Capital portfolio. T support founders post-investment via their signature Supercharge III program which helps elevate individual and organizational awareness for more effective leadership in fast-growing organizations. Fund investors include strategics such as General Mills, Family Offices, Foundations, and HNW individuals. Learn more at www.supplychangecapital.fund, and connect with us on Twitter (@supplychangecap) and Instagram (supplychangecapital).

At Bank of America, we're guided by a common purpose to help make financial lives better, through the power of every connection. We're delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It's demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer, and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).

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SOURCE Supply Change Capital