Supply Change Capital’s 2025 Annual Meeting Recap
Mission Recharge via Good People & Good Vibes
Earlier this month, we hosted our annual meeting in Chicago, bringing together over 50 investors, portfolio companies, and ecosystem partners to share our progress, vision, and to highlight our portfolio companies. This reflection captures our approach to planning these meetings, and a recap of the day.
Annual meeting planning requires significant energy and forethought, but the effort returns exponentially through the connections and momentum generated at these events. For reference to our approach, you can view a previous AGM reflection here.
Think-Feel-Do
We began planning our meeting in late 2024 and focused on what we wanted attendees to think, feel and do. Our guiding themes included:
Showcasing our differentiation in the market
Highlighting our team’s performance
Featuring portfolio company achievements
Fostering network effects across our ecosystem
Every element of the meeting – from developing the agenda, company selection, event duration, and even swag choices – connected back to these themes.
Agenda
This year we opted for a more condensed agenda to make logistics easy for folks traveling in and to encourage more concise information sharing:
Morning: LP Advisory Committee meeting + SuperCharge III kickoff
Midday: Lunch, registration, and networking
Afternoon: Main program, including welcome, a recap of our firm since 2020, and featured sessions
Setting the Table: Policy & Food Innovation
We kicked off the program with a fireside chat between Ertharin Cousin, CEO of Food Systems for the Future and Supply Change Advisor and Evan Segal, former CFO at the Department of Agriculture (USDA) and Supply Change LP, moderated by our GPs. The discussion explored the role of policy in supporting technological innovation across the food supply chain. We covered the challenges across the food system, discussed the expected impact of the new administration on our industry, highlighted successful government policies, and talked about the most promising developments in food technology. Through this conversation, we effectively ‘set the table’ for the rest of the day.
Portfolio Representation
We achieved strong portfolio representation throughout the annual meeting and adjacent events, with about half of our portfolio represented:
10 companies attended the main meeting
7 companies participated in the ecosystem dinner the night before
4 CEOs (leading our 2024 investments) participated in panel discussions
Additionally, we kicked off the fourth cohort of SuperCharge III, our post-investment executive coaching program, with an in person session the morning of the meeting. The day concluded with a happy hour for AGM attendees, and then a portfolio company dinner. We enjoyed seeing founders meet, connect, share, and learn from each other.
Our Thesis in Action: Portfolio Showcases
We organized two panels featuring our 2024 investments, demonstrating how our proprietary research informs our investment decision.
Panel 1: Supply Chain Tech Innovations – Addressing the (In)Efficiencies and the Environmental Impact of the Food Industry
The Supply Chain Tech Panel featured Terrantic's Krishna Srinivasan and Celleste Bio's Michal Beressi Golomb discussing how their companies use deep science and AI to address climate-related food supply challenges, with Terrantic focusing on supply chain optimization, and Celleste Bio developing chocolate-grade cocoa butter through cell-cultured technology to combat declining cocoa supplies.
Panel 2: Health Tech Innovations – Transforming Nutrition Through Personalized Technology
The Health Tech Panel featured Verve Market's Andrés Ornelas, bitewell's Sam Alexander, and Supply Change LP Mike Brennan discussing how their companies leverage technology to improve health through better food choices. They explored topics such as personalized nutrition, behavior change at scale, AI applications in food systems, and emerging market opportunities at the intersection of health, technology, and nutrition.
Performance & Market Insights
Our recap on performance provided transparency on key metrics, including portfolio KPIs, follow-on funding, runway, revenue progress, and 2025 growth projections.
We also covered food industry headwinds and tailwinds, focusing on opportunity gaps we’re particularly interested in exploring this year. We highlighted the robust industry research we shared in our 2024 Year in Review, which can be found here.
Our team members walked through the life of a deal moving through our investment process, portfolio health metrics, and our approach to supporting founders.
Thoughtful Swag
We love swag with a purpose and opted for some of our classics (Yeti mugs and Junes bags) and some new items, including these books:
Seeding Innovation by Robyn O'Brien
The Complete Recipe Writing Guide by Raeanne Sarazen
ASADA by Bricia Lopez
My Regenerative Kitchen by Camilla Marcus
In Summary
We look forward to our annual meeting because bringing our ecosystem together brings us hope for the future. Catch a peek at the full event here.
With love from Chicago (in February, no less!),
The Supply Change Team
