AF Ventures Research
Overview
AF Ventures (formerly AccelFoods) is a consumer-focused venture capital firm founded in 2014 and headquartered in New York City. The firm invests in emerging growth-stage businesses across food & beverage, health & wellness, personal and household care, beauty, and pet sectors. Beyond providing capital, AF Ventures offers hands-on partnership and domain expertise to help build enduring consumer brands and drive long-term value.
Investment Thesis & Philosophy
AF Ventures backs visionary founders building authentic, next-generation consumer brands that drive omnichannel innovation. The firm believes in actively supporting portfolio companies with operational expertise and strategic guidance, positioning itself as both a capital provider and a strategic partner. AF Ventures' approach emphasizes building consumer brands with strong fundamentals and long-term potential.
Investment Focus & Sectors
AF Ventures maintains a focused investment mandate across consumer-centric sectors:
Primary Focus Areas:
- Food & Beverage: Heritage-inspired foods, healthy beverages, functional nutrition
- Health & Wellness: Personalized nutrition, fitness-related products, wellness solutions
- Personal & Household Care: Beauty products, wellness products, organic care items
- Pet: Pet-related consumer products and services
- Consumer Goods: Authentic, next-generation consumer brands
Notable Portfolio Companies (48 total):
- Cirkul (water/beverage brand, unicorn valued at $1B+)
- ByHeart (premium infant formula)
- Hello Cake (sexual wellness products)
- Jinx (nutrition/wellness)
- Siete Family Foods (acquired by PepsiCo for $1.2B, October 2024)
- Lola (feminine care products, acquired)
- Harmless Harvest (organic coconut water)
- Gainful (personalized protein powders)
- Bravo Sierra (grooming/personal care)
- Clio (feminine care)
- Yumi (infant nutrition)
Stage Focus & Check Size
Stage Focus:
- Primary: Seed and Series A
- Secondary: Series B (selective)
- Portfolio analysis shows 11 Seed investments, 11 Series A investments, and 7 Series B investments
Check Size:
- Typical range: $100,000 - $5,000,000
- Average Seed round participation: ~$1.97M
- Average Series A round participation: ~$8.38M
- Average Series B round participation: ~$34.4M
Lead Tendency & Decision Process
Lead Tendency: Both (Leads and Syndicates)
AF Ventures actively leads rounds with portfolio companies like Siete Family Foods and Hello Cake, while also participating in syndicated rounds with other strong co-investors.
Decision Process: Partnership Model
The firm operates with 8 partners and 2 principals, using a partnership-driven approach for investment decisions. Key partners include Jordan Gaspar (Partner), Andrew Fuselier (Partner), William Madden (Partner), and others. The lean but experienced team enables efficient decision-making and close founder relationships.
Decision Timeline: 2-3 weeks (estimated for seed-stage rounds)
Recent Activity & Fund Status
Fund Status: Actively Deploying
AF Ventures demonstrates consistent recent deployment with significant follow-on investments in portfolio companies.
Recent Investments (2024-2025):
- September 2024: Hello Cake (Series B) - $18M round
- March 2024: ByHeart (Series C) - $95M+ total funding
- August 2023: Jinx (Series B) - $17.85M round
- August 2022: Bravo Sierra (Series B) - $17M round
- December 2021: Yumi (Series B) - $1.632M round participation
- June 2025: Hello Cake (investment)
Notable Recent Milestones:
- Siete Family Foods (portfolio company) acquired by PepsiCo for $1.2B (October 2024)
- Cirkul reached unicorn status in 2022 (valued at $1B+)
- Kidfresh (portfolio company) became a public company
- 8 portfolio company acquisitions to date
- Named to Inc. Magazine's 2025 Founder-Friendly Investors list
Portfolio Highlights & Notable Companies
AF Ventures has built a portfolio of 48 companies with strong exit performance:
Major Exits:
- Siete Family Foods (acquired by PepsiCo, October 2024) - $1.2B acquisition
- Kidfresh (IPO/public company)
- Cirkul (unicorn, $1B+ valuation)
- Lola (acquired)
- Alpha Foods (acquired, August 2023)
- Nona Lim (acquired, August 2023)
- Good Day Chocolate (acquired, March 2023)
Active Portfolio (sector leaders):
- ByHeart (infant formula, $395M+ in funding)
- Hello Cake (sexual wellness, Series B)
- Jinx (nutrition/wellness, Series B)
- Bravo Sierra (grooming, Series B)
- Harmless Harvest (coconut water, $30M+ in funding)
- Gainful (personalized nutrition, Series A)
Team & Leadership
Key Partners:
- Jordan Gaspar, Partner - Leading deal sourcing and partner engagement. Portfolio company board participation
- Andrew Fuselier, Partner - Based in Houston, deep consumer brand expertise
- William Madden, Partner, PhD - Advanced expertise in science-based consumer brands
- Mary Fox, Partner - Based in New York, strategic partnerships
- Alexandre Wolf, Partner - Greenwich-based, deal evaluation
- Allen Ferguson, Partner - Avon-based, operational support
- Ari Cohen, Principal - New York-based, principal-level deal work
- Matt Tiritilli, Principal - Principal investor relations and operations
Team Model: The partnership model with 8 partners and 2 principals creates direct founder access and operational expertise across portfolio. Partners have domain expertise in consumer brands, nutrition, and retail scaling.
Team Size: 12-16 people total (2-10 employees reported, 12 team members confirmed via Tracxn)
Geographic Focus
Primary: United States (New York headquarters, nationwide focus)
Secondary: Australia and United Kingdom (selective investments)
Headquarters: 1412 Broadway, 22nd Floor, New York, NY 10018
AF Ventures focuses primarily on US-based consumer brands with potential for national and global expansion.
Engagement & Support Model
Typical Involvement: Active Advisor + Operational Support
AF Ventures takes a hands-on approach beyond check-writing:
- Domain expertise in consumer retail, e-commerce, and brand building
- Founder network for recruitment, partnerships, and growth
- Active board participation and strategic guidance
- Operational support through company scaling
- Experience with national retail distribution and expansion
The firm emphasizes long-term brand building and sustainable growth over quick exits.
Founder Preferences
AF Ventures seeks founders with:
- Authentic Vision: Building genuine, mission-driven consumer brands
- Execution Focus: Proven ability to build and scale quickly
- Domain Expertise: Deep knowledge of their consumer category
- Scalability: Products and business models with broad market appeal
- Founder Credibility: Experienced founders or those with relevant background
- Long-term Mindset: Committed to building enduring brands, not quick flips
- Openness to Partnership: Receptive to hands-on investor guidance
Co-Investors
Frequent co-investors include:
- Danone Manifesto Ventures (2+ companies)
- D1 Capital Partners
- Monogram Capital Partners
- CircleUp
- Brand Foundry
- Y Combinator
- 14W
- TriplePoint Capital
- Melitas Ventures
- Bellco Capital
Fund Information
Founded: 2014 (formerly AccelFoods) Fund Size: Not publicly disclosed (historical range suggests $50M-$100M+ under management) Portfolio Companies: 48+ companies Exits: 1 unicorn, 1 IPO, 8 acquisitions, strong overall performance Geographic Reach: US-focused with selective international investments Investment Pace: 3 new investments annually (10-year average), with significant follow-on activity
Summary
AF Ventures is a disciplined consumer-focused venture capital firm with deep expertise in building authentic, next-generation consumer brands. Founded in 2014 and headquartered in New York, the firm combines early-stage capital with hands-on operational support and domain expertise. Their portfolio demonstrates strong exit performance, including a unicorn (Cirkul), a major acquisition (Siete Family Foods for $1.2B by PepsiCo), and 8 total acquisitions. The partnership model with experienced consumer brand builders, combined with a focused investment mandate across food, wellness, personal care, and pet sectors, positions AF Ventures as a leading seed and Series A investor in the consumer space. Their recognition on Inc. Magazine's 2025 Founder-Friendly Investors list reflects their commitment to founder partnerships and long-term value creation.