Springdale Ventures raises $40M for Fund II, targets early-stage CPG brands

19-Dec-2023 - Last updated on 19-Dec-2023 at 13:57 GMT

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Nearly doubling its size since 2019, the Austin-based venture capital firm secures its new funding round with backing from returning limited partners, family offices, entrepreneurs, and athletes.

Building on the success of Fund I, Springdale Ventures intends to continue pursuing “investments in emerging consumer brands across the food, beverage, pet, health and beauty sectors.”

The firm, which has invested in 14 companies, focuses primarily on growing early-stage brands, including Atlas Coffee Club, a customized coffee subscription service; Blox Snacks, gen Alpha snack brand; Cece’s Veggie Co., a subscription produce box that offers 100% certified-organic produce; Acid League, an artisanal vinegar company specializing in raw, unfiltered and fermented fruits, vegetables, herbs and spices; and Tiny Organics, which offers organic ready-made meals for infants and toddlers; among others.

Springdale Ventures was founded in 2019 and led by co-founders and general partners, Genevieve Gilbreath, who holds 20 years’ experience in consumer goods and natural foods, and Dan Graham, a tech entrepreneur with decades of experience growing and scaling companies.

Citing the lack of investment in consumer brands from private equity firms as the impetus for Springdale Ventures, Gilbreath explains that the sector is “a huge white space opportunity for capital allocation within early-stage consumer brands."

She added, “We are extremely grateful for the trust that our investors place in us to champion early-stage consumer investing as a valued asset class. In the United States, almost 40% of private equity capital capitalizes software companies, leaving the consumer sector significantly underfunded, yet, the consumer market constitutes a substantial 70% of the U.S. GDP.”

“It has always been our mission at Springdale to collaborate with exceptional consumer brands who from an early-stage show signs of a great product, experienced team, passionate customer base and attractive market opportunity,” added Graham.

For the upcoming year, the firm will focus on “health and wellness for both people and pets as well as sustainability, and brands that are building authentic connections and community through compelling content,” Gilbreath said.