Supply Change Capital Research Document
Executive Summary
Supply Change Capital is an early-stage venture capital firm founded in 2021 by Shayna Harris and Noramay Cadena, focused on investing in technology across the food supply chain. The firm specializes in foundational infrastructure modernization within the global food system, which generates $10 trillion in economic activity annually. With $62M in assets under management (Fund I + partial Fund II), they have deployed $29.1M across 28 portfolio companies (24 active), with a focus on pre-seed and seed-stage investments.
Investment Thesis
Supply Change Capital operates at the intersection of food, climate, and culture, recognizing that the global food system requires radical technological transformation. The firm's core thesis is built on three pillars: supply chain resilience, health and nutrition innovation, and labor automation.
Supply Chain Resilience focuses on technology that improves logistics, visibility, automation, and traceability. The firm invests in platforms providing real-time visibility into climate, economic, and political risks affecting suppliers, and end-to-end logistics solutions.
Health and Nutrition Innovation addresses the epidemic of diet-related chronic diseases (affecting 50%+ of US population, costing ~$604B annually). This includes nutrition technology, food safety automation, clinical research platforms, and alternative ingredient development.
Labor Automation invests in workforce optimization for labor-intensive industries, improving safety while unlocking economic opportunity for frontline workers and providing transparency for operators.
Dual Lenses: Climate and Culture
The firm recognizes two transformational forces reshaping the food economy:
Climate Lens: Food and agriculture supply chains generate one-third of climate-disrupting greenhouse gases while depleting soils, contaminating water, and driving mass extinction. Supply Change invests in technology reducing emissions, improving soil health, and creating net-positive environmental impacts.
Culture Lens: The firm explicitly invests with diversity as core strategy, recognizing that diverse founders deliver 30% higher returns at exit despite historical underinvestment. As multicultural citizens account for nearly all US population growth, cultural diversity is essential to building food systems serving all communities. This includes investing in founders bringing diverse crops, flavors, and technologies.
Market Opportunity
The global food system represents the largest yet least modernized industry, driving $10 trillion in economic activity on infrastructure built for a different era. Key pain points: 75% of food consumption comes from just 12 crops and 5 animal species (UN FAO), supply chains exposed by labor shortages and supply shocks, malnutrition epidemics in developed markets, and environmental pressure from industrialized monoculture.
Stage Focus and Check Size
Supply Change Capital focuses on early-stage investments: Pre-Seed (24% of portfolio), Seed (69% of portfolio), and follow-on participation (6%). The firm typically writes initial checks in the $250K-$1M range for seed investments. Average diligence time from initial contact to investment decision is 47 days. The firm leads approximately 30% of deals (8 out of 28 companies), indicating conviction-based leadership with selectivity.
Recent Activity and Fund Status
Fund Structure: Fund I (2021 vintage, closed with $40M, fully deployed in 2025) and Fund II (2025 vintage, actively deploying).
Total AUM: $62M (Fund I + partial Fund II) Capital Deployed: $29.1M across 28 companies (24 active) Fund Status: Actively deploying from Fund II after closing Fund I
2025 Investments and Activity
In 2025, the firm made 5 new investments plus 5 follow-ons:
New Investments:
- Alveo Technologies: Food safety & molecular diagnostics platform
- Supply Pay: AI-powered cross-border trade finance for fresh produce
- Cargologik: Supply chain platform with end-to-end visibility
- People Science: Clinical research platform for health impact evidence
- Loamy Technologies: Supply chain operating system with AI-enabled transformation
All 5 new 2025 investments came through investor referrals (including 2 from LPs), indicating strong network quality. The firm evaluated 1,612 deals in 2025 (up 2.5% from 2024, double 2021 volume), demonstrating active market presence while maintaining diligence rigor.
Portfolio Composition (28 companies)
Portfolio spans food safety (Alveo, FoodReady), alternative ingredients (Celleste Bio, Compound Foods), supply chain resilience (Helios, Cargologik, Loamy), labor technology (Tendrel), waste valorization (Hyfé), nutrition/health (People Science, FoodHealth, Verve Market), emissions reduction (Lasso), and emerging models (Kadeya, Partake Foods, Michroma, Robigo).
Team and Leadership
Managing Partners
Shayna Harris, Co-Founder and General Partner: 20+ years operating/investing in food & supply chain. Former COO of Farmer's Fridge (scaled to $MM revenue). Partner with Portfolia's Food & Ag Fund. Pioneer in sustainable sourcing at Mars and Stonyfield. MIT and Boston University graduate. Fulbright Scholar. Recognized on Business Insider's "The Seed 40: Best Women Early-Stage Investors" (May 2025). Regular Forbes contributor on food industry policy.
Noramay Cadena, Co-Founder and General Partner: 2x VC fund founder and operator with 8 years investing experience. Aerospace engineer (Boeing background). Partner with Portfolia's Rising America Fund. Three MIT degrees. Founding Board Member of Latinx VC. Founder of Latinas in STEM. Featured as emerging VC leader to watch across multiple publications.
Core Team (full-time as of Summer 2025)
- Rachel Stinebaugh: Investment Team member
- Jack Warning: Portfolio Manager, brings investment banking and venture experience; provides quantitative support (financial modeling, market sizing, data-driven frameworks)
- Lori DeLuca: Chief Financial Officer (fractional), 25+ years accounting/financial reporting; handles accounting oversight, budgeting, fund-level finance with full CFO capabilities
- Vanessa Rasanen: Executive Assistant
- Chassitty Saldana: Marketing
Advisory Network
Extensive advisor network includes former government officials (Ertharin Cousin, former U.S. Ambassador and WFP Executive Director), industry veterans (Neil Willcocks with 35+ patents from Mars Wrigley), venture peers (Miriam Rivera, CEO of Ulu Ventures), and operational leaders (Mike Brennan, former COO Peapod).
Geographic Focus
Primary Offices: Chicago, Illinois and Los Angeles, California
Investment Geography: Primarily United States with emphasis on Midwest and West Coast hubs.
Community Presence: Active in 6+ cities (Chicago, Los Angeles, Boston, San Francisco, Milwaukee, New York) with 13 co-hosted events in 2025.
Decision Process
Decision Structure: Partnership-based involving both GPs, informed by research-driven pattern recognition and advisor network. Both GPs have deep supply chain experience from Fortune 100 and scaling startup backgrounds, enabling them to decode complexity others avoid.
Timeline: Average 47 days from initial meeting to investment decision for selected opportunities.
Conviction Model: Lead ~30% of deals; participate in others, indicating disciplined approach to when to drive diligence.
Research-Driven: Published 4 major research reports in 2025 directly informing deal flow: AI-Enabled Traceability, Technologies for GLP-1 Health Outcomes, Sustainable Packaging Innovation, and AI in Food Value Chain. Research accelerates diligence velocity and identifies pattern opportunities.
Value-Add Services
Cohort-Based Leadership Program
Supply Change offers "Beyond Investment" signature program focusing on leadership development, management/organizational structure, and culture building for fast-growing companies. As former operators, GPs support portfolio in building operational rhythms, staying focused on KPIs, and managing scaling challenges.
Impact Framework
Impact integrated throughout investment process, not layered after. Each portfolio company defines 3-5 core impact KPIs aligned to 50+ IRIS+ metrics. Pre-investment impact screening informs decisions. Post-investment annual reporting and metrics tracking across environmental, health, and diversity outcomes.
Portfolio Impact Metrics (2025):
- 53% track environmental outcomes
- 68% track health outcomes
- 58% track diversity outcomes
- 77% of founders report process strengthened ability to articulate impact
- 85% actively use impact goals to guide business decisions
Community and Ecosystem
Initiatives and Partnerships
Co-founder of diversity initiatives in venture capital. LP in women-led funds. Thought leaders publishing on food systems and policy. Board service on for-profit and nonprofit organizations. Active partnerships with January Ventures, FTW Ventures, Streetlife Ventures, Artemis Fund, Family VC, and participation in Kauffman Fellows, Somos VC, PEWIN, Journey to Lead networks.
Events and Community Building
2025 Events: Hosted/co-hosted 13 events across 6 cities. Second annual Women in Food Pitch Showcase with 113 applicants globally; awarded $25K non-dilutive funding to winner. Monthly newsletter on Substack. Regular published research. Active speaking and thought leadership.
Fellowship Program
Partnerships with Chicago Booth, MIT Sustainability Initiative, PledgeLA, UC Davis Innovation Institute for Food & Health. 36 fellows hosted to date, bringing fresh research perspectives and creating pathways for emerging investors and operators.
Market Position and Recognition
Industry Recognition: Featured on Business Insider's "The Seed 40: Best Women Early-Stage Investors" (May 2025). Included in "Female Founders 500" list (March 2025). "Women in VC: Emerging VC Fund Managers to Watch" (March 2024). Listed on ImpactAssets 50. One of the largest Latina-led early-stage funds.
Media Coverage: TechCrunch coverage of $40M Fund I close (July 2023). Specialty Food Association features. Venture Capital Journal reporting. Food industry trade publication coverage. Regular Substack newsletter. Forbes contributor.
Founder Preferences
Supply Change favors: experienced operators with prior scaling or domain expertise in food/ag/supply chain; technical depth in engineers/scientists solving real infrastructure problems; diverse founding teams (explicit commitment to underrepresented founders); mission alignment with food system transformation; network referrals and warm introductions.
Competitive Advantages
- Deep operational experience from Fortune 100 and startup scaling backgrounds enabling complexity decoding
- Diverse advisor network with industry veterans, government officials, and operational leaders
- Community-first approach with extensive network and fellowship programs driving deal flow
- Research-driven thesis informing faster diligence and conviction
- Early-stage impact infrastructure helping companies scale with purpose
- Deal sourcing dominated by LP referrals and warm introductions indicating network quality
Long-Term Vision
Supply Change operates with 10+ year perspective on food system transformation, building toward: modernization of food supply chain infrastructure globally; greater equity and access to nutritious food; environmental regeneration through agricultural transformation; economic opportunity and safety for frontline food workers; venture capital ecosystem reflecting and celebrating diverse founders and perspectives.
Success metrics extend beyond financial returns to include impact outcomes across climate, health, and diversity that portfolio companies achieve.