Supply Change Capital, a venture capital firm that invests in the “future of food” has announced the closing of its inaugural $40 million fund.

Described as one of the largest Latina-led funds, the firm has deployed over $13 million across 15 early-stage food and agriculture technology companies since June 2021. The investments span across deep tech food, agriculture and ingredient companies, supply chain technology, and enterprise software.

"Supply Change Capital represents the future of food and the venture industry," said Johnny Tran, managing director at 301, 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."

Limited partners in Supply Change Capital include 301, MassMutual through its 'First Fund Initiative', the Office of the Illinois, US Treasurer through the Illinois Growth and Innovation Fund, Bank of America, Illumen Capital's Catalyst Fund and JP Morgan Asset Management.

Supply Change Capital is female and Latina-owned, led by Noramay Cadena and Shayna Harris.

Supply Change Capital invests in the technologies that “underpin a more resilient food system”, Harris said.

Cadena commented: "From our intersectional set of investors to our robust portfolio, we've seated a venture firm platform that can endure and thrive. 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."

She added: "With 40 years of combined operating and investing experience, we'll be the team leading investments through this evolution to a more inclusive and sustainable food system".

Supply Change says its portfolio features companies that have positive impacts on environmental, health and/or diversity outcomes, with 73% focused on positive environmental outcomes related to the atmosphere, soil health, biodiversity and/or water.

Michelle Ruiz of Hyfé, a biotech company repurposing food processing wastewater to alternative feedstocks for biomanufacturing, said: "As an early investor, Supply Change Capital has been an instrumental partner since our pre-seed round. Noramay and Shayna bring valuable investing, operator, and industry expertise to the cap table. We have recommended other founders to Supply Change and they are one of our strongest investment partners."