Supply Change Capital co-founders Noramay Cadena and Shayna Harris are focused on creating a seat at the table for diverse entrepreneurs in food and foodtech. More than half of America’s citizens will be diverse by 2045, according to The Brookings Institute, yet less than 2.6% of venture funding in 2020 went to Latinx or Black entrepreneurs. More specifically, in foodtech, less than 3% of venture funding supported female founders. Cadena and Harris are deeply committed to driving inclusion, a shared passion since meeting as MIT graduate students more than a decade ago.
“Multicultural founders are underrepresented in today’s food system, despite having the fastest growing demographic in America,” said Harris. “Latinx, Black, and Asian consumers are significantly more likely to reach for natural and organic foods. Their purchasing behavior is not only on trend, but it surpasses that of white Americans. However, the overwhelming majority of food brands are not founded or owned by entrepreneurs that match the consumer demographic.”
Through the development of Supply Change Capital, Cadena and Harris found that the investment opportunity over the next two decades in food will surpass $100 billion, yet no other venture capital firm is explicitly focused on the market. By 2045, American demographics will flip, as the minority becomes the ‘New Majority.’ Cadena explains, “There is an enormous opportunity right in front of us that is being overlooked in venture capital. Supply Change Capital is investing at the intersection of food, culture and technology, helping catalyze the next generation of iconic brands authentic to women, people of color, LGBTQIA, immigrants, and more cross sections of the country.”
The fund manager duo launched Supply Change Capital to invest in the changing face of food. Their investments focus on consumer brands founded by diverse entrepreneurs with mainstream appeal, sustainable ingredients, and the technology stack that is required to support this shift. Combining nearly four decades of experience as operators, community leaders, and investors, paired with five higher education degrees, they are bullish on the investment opportunity at hand and uniquely positioned to capture value.
Early supporters recognize the potential and upside of Supply Change Capital’s approach. Founder and President of The Impact Seat, Barbara Clarke, shares, “The disruptions in the food supply chain have accelerated trends that the team at Supply Change Capital innately understand; changes in consumer behavior, demographic shifts, and the underlying technologies required. That’s why Noramay and Shayna are so impressive. They have the right combination of skills to be ‘smart money’ in this fast moving industry.”
