New Fare Partners is just the latest female-led venture capital firm to close their very first fund, as the company has secured $20 million in capital commitments for its inaugural fund investing in early-stage food and beverage businesses.
The firm was launched in early 2022 by Elly Truesdell and Hallie Bonnar. Truesdell, general partner, was previously Whole Foods Market’s global director of local brands and product innovation and her expertise is an enticing element to for companies looking to get products to store shelves.
“My whole life at Whole Foods was dedicated to young emerging brands, helping accelerate young companies that we brought in from areas that had whitespace or category growth,” Truesdell said, according to TechCrunch. “I became this person in the natural foods industry that people came to when they were looking to launch their product. When I was getting ready to leave Whole Foods, I had a lot of opportunities presented to me in venture and private equity.”
Bonnar started her career in the fintech industry and worked with Truesdell after first meeting at Canopy Foods, and later at Almanac and Made by Nacho.
“Having that co-packing operating experience has really proven invaluable in the next phases of our work and as our role as investors now, including what it takes to bring a product to market within food,” Bonnar said.