Bluestein Ventures Raises $45 Million Fund III to Continue Investing in Visionary Founders Transforming the Food System
The firm, which has backed breakout companies including Factor, Foxtrot, FourKites, and Meati, has launched its third fund to double-down on funding the future of food
February 20, 2024 12:00 PM Eastern Standard Time
CHICAGO – Bluestein Ventures, the leading early-stage venture capital firm in the food industry, today announced the closing of its third fund, a $45 million vehicle anchored by the Bluestein Family and the first to include external investors.
The fund has received investment from leading strategics, along with family offices, executives, and entrepreneurs that have deep experience in the food space. As Bluestein celebrates its 10-year anniversary, the addition of strategic partners to the firm marks a significant milestone in its journey. The expanded capital base will enable Bluestein to further accelerate the growth of early-stage companies across the industry.
Since its founding in 2014, Bluestein’s mission has been to support founders transforming the food system to be better, healthier, and more sustainable. Across its first two funds, the firm has been an early investor in leading companies including Factor (the #1 prepared meal delivery service in the US and was acquired by HelloFresh in 2020), Foxtrot (next-gen corner store), FourKites (freight visibility software), and Meati (mycelium-based alternative protein).
“Food is a massive industry and powerful driver of our economy,” said Ashley Hartman, Co-Managing Partner of Bluestein Ventures. “While the food system is magical, there is tremendous opportunity for improvement. We’re on the cusp of rapid, disruptive change across both consumer and technology that’s only continuing to compound. We believe that investing in companies at the frontier of innovation is critical in accelerating the health of our population and environment. There shouldn’t be a tradeoff between impact and returns; in fact, 67% of our portfolio is making an impact in nutrition, 40% in sustainability, and 62% have a diverse founder.”
Bluestein invests across the supply chain in food – including consumer, software, and food tech businesses - in the earliest stages of a company’s lifecycle, focused on Pre-Seed to Series A. The firm takes a hands-on approach to partnering with entrepreneurs, investing both time and industry experience to help companies develop and iterate their go-to-market strategy.
“As an early investor, Bluestein Ventures couldn’t have been a more ideal partner to have on our side,” said Mike Apostal, CEO & Co-Founder of Factor. “They bring a wealth of industry experience and aren’t afraid to roll up their sleeves. Our journey from seed-stage to HelloFresh acquisition was not straightforward and Bluestein helped us stay focused on the right strategic priorities, which was a critical factor to our success.”
Bluestein Ventures is led by co-Managing Partners Andrew Bluestein and Ashley Hartman who have been working together for more than six years, investing in more than 50 early-stage companies in the food space. The duo brings complementary skillsets and perspectives to support entrepreneurs, combining Andrew’s strategy and finance experience with Ashley’s deep operating expertise. To further support its portfolio, the firm has added Lindsay Levin, previously Chief Marketing Officer at RXBAR, as a Venture Partner in connection with the new fund.
In addition, the Bluestein Family, which includes Ilene Gordon and Bram Bluestein, is a key advisor to the firm. Bluestein Matriarch, Ilene Gordon, served as CEO & Chairman of Ingredion from 2009-2017, bringing unparalleled industry expertise to the Bluestein Ventures’ team.
“This is an exciting new chapter for Bluestein Ventures. We are proud of our firm’s role helping drive transformation in the food industry these last 10 years and are thrilled to be taking this next step with the backing of a new community of strategic LPs – many of whom are entrepreneurs, executives, and investors from across the food space,” said Andrew Bluestein, Co-Managing Partner of Bluestein Ventures. “We’re also delighted to welcome Lindsay Levin to the team and believe she will be a huge value-add for both the firm and our portfolio companies.”
The firm has already begun deploying its new capital across nutrition, sustainability, and digitization of the industry. Select companies in the Fund III portfolio include BiomeSense (an end-to-end platform to scale gut microbiome research and testing), WECO Hospitality (chef-quality prepared meal delivery), and Attane Health (a marketplace for food prescriptions for those with chronic conditions).
For further information about Bluestein Ventures and its portfolio companies, please visit www.bluesteinventures.com.
About Bluestein Ventures
Founded in 2014, Bluestein Ventures invests in the future of food with a mission to transform the food system to be better, healthier, and more sustainable. Bluestein’s focus is game-changing ventures across the supply chain that redefine how consumers achieve their health and wellness, including high-growth consumer brands, proprietary foodtech, next-gen commerce, and digital technology.
Contacts: For media inquiries, please contact Amira Khatib at amira@bluesteinventures.com.