Bread & Butter Ventures has announced a $27 million Fund III. The firm will use the newly raised funds to invest in seed-stage companies globally, focusing on, “foodtech, healthtech, and enterprise software.”

Mary Grove

“We’re investing in the core ‘bread and butter’ sectors of the modern economy moving forward, addressing how we feed ourselves, care for one another, and what the future of work looks like,” Mary Grove, Managing Partner, said. “2020 and the covid-19 pandemic have underscored that we can never afford to underinvest in these sectors.”

Bread and Butter Ventures has announced a few early investments form the fund including Milk Moovement (“cloud-based ERP system for the dairy industry”) and Orbiit (“AI-powered matchmaking engine for curating and driving 1:1 peer connections within a community”). The fund was backed by Toyota Ventures, Chris and Crystal Sacca of Lowercase Capital, F.R. Bigelow Foundation, Revolution Ventures, Charitarian Foundation, Dunn Family Office, Stella, Tonkawa, Bernick’s, ATCO, Jill Gwaltney, Amy Langer, Daren Cotter, and more.

Bread and Butter Ventures also announced its new “Innovation Circle.” Made up of 16 Minnesota companies, Innovation Circle aims to, “connect the leading corporations within the industries they invest to the emerging tech startups in those verticals.” Participating companies include include 3M, Allianz, Bremer Bank, Ecolab, C.H. Robinson, CHS, General Mills, Hormel, Mayo Clinic, Schwan’s Company, Securian Financial, Stella, U.S. Bank, Xcel Energy and more.

Brett Brohl and Mary Grove (along with Head of Platform Stephanie Rich) teamed up to start Bread & Butter Ventures in 2020. Since then, the group says it has invested in 47 companies that have created more than 650 new jobs. In the firm’s two funds, 46 percent of companies are led by female founders and 63 percent include a founder from the BIPOC community.

Read the release below for more information about the new fund and Innovation Circle, and don’t miss previous coverage of Bread & Butter Ventures.

Minneapolis, MN – Oct 26, 2021 Today, Bread & Butter Ventures, an early stage venture capital firm based in Minnesota announced it has raised a $27 million fund III to invest in seed stage companies globally, leaning into what the team considers the “Minnesota home field advantage” in the core sectors of foodtech, healthtech, and enterprise software.

Managing Partner Mary Grove said, “We’re investing in the core ‘bread and butter’ sectors of the modern economy moving forward, addressing how we feed ourselves, care for one another, and what the future of work looks like. 2020 and the covid-19 pandemic have underscored that we can never afford to underinvest in these sectors.” Early investments from the fund include Milk Moovement, a cloud-based ERP system for the dairy industry and Orbiit, an AI-powered matchmaking engine for curating and driving 1:1 peer connections within a community.

Since 2017, the team has invested in 47 companies who have created more than 650 new jobs from diverse geographies and backgrounds. In Bread & Butter’s first two funds, 46% of companies are led by female founders and 63% include a founder who is a person of color. “We fundamentally believe that investing in diverse teams leads to better financial outcomes, and it’s core to our DNA to push for more inclusivity at every layer of the stack – from our LPs to our team to the pipeline and portfolio, to helping our companies recruit and retain diverse talent across their teams and boards,” said Brett Brohl, Managing Partner. Fund III is backed by a talented group of organizations, entrepreneurs, and investors including Toyota Ventures, Chris and Crystal Sacca of Lowercase Capital, F.R. Bigelow Foundation, Revolution Ventures, Charitarian Foundation, Dunn Family Office, Stella, Tonkawa, Bernick’s, ATCO, Jill Gwaltney, Amy Langer, Daren Cotter, and more.

Bread & Butter leverages the unparalleled corporate backbone of Minnesota, which boasts the highest number of Fortune 500 companies per capita in any metro in the United States with 18 companies. Today they are announcing the Bread & Butter Innovation Circle, made up of 16 Minnesota-based companies committed to innovation that work with B&B to continually evolve their work with the startup and growth companies. This is an effort to connect the leading corporations within the industries they invest to the emerging tech startups in those verticals. Participating companies include 3M, Allianz, Bremer Bank, Ecolab, C.H. Robinson, CHS, General Mills, Hormel, Mayo Clinic, Schwan’s Company, Securian Financial, Stella, U.S. Bank,

Xcel Energy and more. This Innovation Circle is part of the larger effort led by Head of Platform Stephanie Rich to connect and support the portfolio at scale through partnerships, perks, education efforts, and community.

Learn more at www.breadandbutterventures.com or book office hours to chat with us www.breadandbutterventures.com/community.

About Bread and Butter Ventures

Bread and Butter Ventures is an early stage venture capital firm based in Minnesota, the Bread and Butter State. We invest globally while leveraging our state and region’s unparalleled access to strong corporate connections, commercial opportunities, and industry expertise for the benefit of our teams.