AccelFoods fund for food and beverage innovators reaches $35 million
AccelFoods, an accelerator and fund that backs innovative food and beverage companies, has added $15 million to its second fund, according to founding partners Jordan Gaspar and Lauren Jupiter. AccelFoods has backed brandsmakingproducts that range from edgy to adorable. Examples are Exo, which makes protein supplements and bars from crickets (yes the insects);Four Sigmatic, which uses a blend of beans and mushrooms to makeanti-oxidant rich coffees with mild caffeine; and Tea Drops,a maker oftea that dissolves in hot water, doesnt require a bag and is formed into cute flower andheart shapes. With AccelFoods help, portfolio companies frequently launch products via the Amazon Launchpad food store, which targets shoppers looking for something new. Other venture firms and accelerators have joined the platform, but AccelFoods was an early participant there. Based in New York, AccelFoods plans to continue investing in startups that tap into, or in some cases touch off, new consumer snacking, grocery and health trends. But it will now be able to invest in food and beverage startups at different stages, not just fledgling brands. Typically, AccelFoods will now write checks from $250,000 up to $3 million for a given deal, depending on the stage the company is in and other investors at the table. They will back companies that arent yet revenue generating, up to companies doing $10 million in annual sales, with established relationships across groceries and distributors. Since 2014, when AccelFoods made its first investments, several new venture firms have cropped up to back CPG or consumer packaged goods companies and food-related technologies. They include strategic, or company-affiliated funds like Kelloggs 1894 Capitalor Campbells Soup-affiliated Acre Venture Partnersand standalone funds like S2G Ventures, PowerPlant Ventures and CAVU Venture Partners.
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