New Fare Partners announces $20 million raised for inaugural fund

Led by former Whole Foods Market Global Director, Almanac Partner, and most recently, Made by Nacho Co-Founder, Elly Truesdell, and former Almanac Marketing Lead and Made by Nacho Head of Marketing, Hallie Bonnar.

Backers include major players across Finance, Entertainment and Pioneers of the Natural Foods Industry from Whole Foods Market, Tate’s Bakeshop, Stonyfield Organic, Earthbound Organics, Talisker Ventures, and Whipstitch Capital.

NEW YORK, November 30, 2022 – New Fare Partners (New Fare), a new investment fund serving the modern eater, is pleased to announce that it has raised $20 million to date in its inaugural Fund 1. A specialist venture fund, New Fare invests exclusively in early stage food and beverage businesses with distinct value propositions.

Taking place during a time of market uncertainty, the successful fundraise is evidence that investors continue to see the opportunity in early-stage food and beverage companies, particularly those supported by funds with high-conviction teams and a hands-on approach.

Launched in Spring 2022, New Fare has made 8 investments in an expanding portfolio of businesses redefining how we eat, access and experience food. Investments include the first-of-its-kind retailer, Foxtrot, the world’s first and only cat-crafted cat food brand, Made by Nacho, uniquely authentic Mexican omni-channel brand, Tacombi, Japanese Barbecue sauce company, Bachan’s, and the first functional chocolate bar, Mid-Day Squares. Omsom, Ark Foods, and Actual Veggies round out the current portfolio.

New Fare’s investor group consists of prominent LPs, many of whom are former founders themselves, including Walter Robb, former Co-CEO of Whole Foods Market; Bobby Flay, Chef/Restaurateur and Entrepreneur; Kathleen King, Founder of Tate’s Bakeshop; Gary Hirshberg, Founder of Stonyfield Organic; Andrew Abraham, Founder of Orgain; Gabi Lewis, Founder of Magic Spoon; Charlie Sweat, Former CEO of Earthbound Organics; David Barber, Partner at Astanor Ventures, Co-Owner/Founder of Blue Hill and Almanac, and Nick McCoy, Founder and Managing Director of Whipstitch Capital. Advisors include Michael Dubin, Founder and Former CEO of Dollar Shave Club; Lily Chang, PE Industry Executive; and Christina Minardi, Global EVP, Growth & Development at Whole Foods Market.

New Fare is built on the track record and expertise of Founder & Managing Partner, Elly Truesdell. Widely recognized as a tastemaker of the U.S. Consumer Packaged Goods (CPG) industry, she brings 15 years of unmatched experience at the center of Natural Food, influencing trends, defining categories, and accelerating growth for thousands of brands and “better for you” food products.

Truesdell is especially well known for spending nearly a decade at Whole Foods Market where she oversaw the $300 million business unit responsible for the company’s innovation strategy, as Global Director of Local Brands & Product Innovation. During her Whole Foods tenure, Truesdell seeded hundreds of today’s most iconic disruptor brands – including RX Bar (acquired for $600 million by Kellogg’s in 2017), Sir Kensington’s (acquired for $140 million by Unilever in 2017) and Hu Kitchen (acquired for $340 million by Mondelez in 2021). She later operated manufacturing business, Canopy Foods, Co-Founded the omni-channel pet brand, Made by Nacho and served as Partner at Almanac before founding New Fare.

“I’ve been immersed in early stage food businesses for the last 15 years, and started to recognize a shift in consumer values that is putting new pressure on founders, their brands, and their supply chains,” said Truesdell. “Consumers expect more from their food today which means companies have to provide a higher level of service, and purpose. More than most industries, running an early consumer food brand takes incredible resilience and grit – we built New Fare to support those businesses, and add true value in getting there. Above all, we’re passionate about food, and work in lockstep with our portfolio to accelerate growth and food system change.”

The New Fare Founders have been working closely together for over 5 years generating outsized value in the food system as operators, builders and investors. It is rare for investors to have such deep experience across each layer of the food value chain – from manufacturing to brand, marketing and distribution.

Bobby Flay remarked, “There have been only a handful of moments in my career when I knew I teamed up with someone that would change the course of my business life. Convincing Elly Truesdell to be my co-founder in Made by Nacho has been one of the best decisions I’ve made in three decades.”

The fund leverages the operational expertise and network brought by Truesdell and Bonnar to access competitive deals and bring strategic value to their all-star portfolio companies. Through their unique experience, they have developed a thesis around the future of food and what it takes to be a next generation brand as the American palate and consumer continues to shift.

Mike LaVitola, CEO of Foxtrot, said, “We are honored and excited to build Foxtrot with Elly and New Fare. More than an investor, she brings her full wealth of experience to the table – sourcing the best new brands and products with impeccable taste, making invaluable C-level industry connections, and truly immersing herself with our teams to accelerate our vision. We are thrilled to see all the value New Fare will bring to the next generation of food with Elly at the helm.”

About New Fare Partners

New Fare Partners is a specialist venture fund centered on the modern eater, and the expanding American palate. The fund invests in food and beverage, exclusively, with a focus on next-generation consumer brands, supply chain & consumer technologies, and modern retail & marketplaces. New Fare leverages the operational expertise brought by the founding team, Elly Truesdell and Hallie Bonnar, to access competitive deals and bring strategic value to portfolio companies.

Investor Contact

Hallie Bonnar, Co-Founder and Partner – info@newfarepartners.com

Media Contact

Anthony Steel, Steel Communications, for New Fare Partners – antsteel.comms@gmail.com